sp'daily5
VIX'daily3
Summary
The closing hour Friday candle was the tell, and (not surprisingly) US equities started the week on a slightly weak note.
I would agree it could be argued broader price structure - from the 2119 low is a large bear flag. If that were to play out, it'd offer the 2080s.. before still resuming higher. I'd only turn provisionally bearish on a monthly close in the 2070s or lower.
VIX is naturally a little twitchy as we're another day closer to the US election. The key 20 threshold looks out of range though.
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Another green candle
The transports started the month on a moderately positive note, and even managed the 8100s today. Having broken through 8k, next target are the 8300/400s.. which would likely equate to sp'2210/20s before end month. Note the underlying MACD (green bar histogram) cycle, set for a bullish cross in late Oct/Nov'. As things are, the Nov'2014 historic high of 9310 looks out of range until spring 2017.
Goodnight from London