sp'daily5
VIX'daily3
Summary
A pretty mixed start to the week, with the headline indexes - sp/dow/nasdaq seeing minor chop, leaning on the slightly weaker side.
The market is arguably just consolidating after last weeks hyper-rebound. It is opex week, so a fair amount of chop can be expected.
A close second to the USD breaking above the DXY 100 threshold, was the new historic high in the R2K of 1306.
R2K, monthly
The R2K is now a massive 9% higher, and we're only halfway through the month! Upper bollinger will be offering the 1320s in early December. Anything >1350 looks out of range until Jan/Feb' 2017. In any case though, the current monthly candle is powerfully bullish, and it solidifies last week's low of 1156 as a key floor.
Equity bears have no right to tout anything unless R2K <1156, and that is around 12% lower!
Goodnight from London