Transports bounced today so Armageddon denied. The bounce was not enough to void the potential ‘sell’ signal for IYT/$TRAN in the 60min time frame so $TRAN is not out of the woods, yet.
$VIX has been moving up for the last two days and today got a ‘buy’ signal in the 60min time frame. But this has happened before and $VIX usually rolls on over the next day. Since $VIX has dropped as low at 16.10, intra-day, this time just might be different.
$VIX chart showing what appears to be a Bear Flag. Since this flagging is occurring with $VIX in a down trend, then it has to be seen as a Bear Flag rather than the start of a new up trend for now.
Chart courtesy of FreeStockCharts.com
Daily chart of $SPX and, with the exception of the overbought RSI, there’s just nothing bad about this chart as $SPX slowly climbs a wall of worry.
$NYSI has been adding fewer and fewer issues each day so far this week. For several months it was common to see 40-50-60 issues added per day to this cumulative index. That began to change last week. $NYSI added just 16 issues today, down from yesterday’s 26. This is to be expected since $NYA was off by about 2pts today, but if this trend continues then it won’t be long before issues begin to get subtracted from $NYSI and then $NYSI will start to roll. $NYSI can be early and often is but at its current elevated level of 1343, when it rolls it will be time for longs to start thinking about locking in some, if not all, gains, IMHO, of course.