8/1/2018

I don't know why I have lost a few daily comments in recent weeks. Regardless I have been also tweeting and thankfully that posted: 

"$SPX right at QR1 YR1 resistance 2822-2830 so looks like the next move is down, but with $VIX giving back gains I don't totally trust this candle."

So not much of a call yesterday anyway. As it turned out SPY again continued down from YR1 area, with most of the USA mains looking more bearish.

SPY YR1 pullback
QQQ above MP, but barely
DIA broke QR1
IWM below MP

But VIX just doesn't look too troubled here, even though it continues above its YP. VXX similar message. 

Interestingly, momentum RUT and NDX are faring the worst as SPX and DJI are doing relatively better. So far SPX is acting like it will clear YR1. This would imply buyers soon stepping in for RUT and NDX. At this point I think worst case is a test of SPX AugP 2787 but that should be it. If RUT cleared its AugP then all 5 USA mains above all pivots and regular readers know I don't tend to argue with that kind of condition.

SPX, RUT and VIX below.