Win for the bulls as DJI has cleared its YR1. Coming into the week I didn’t think this would happen so easily, but as the market responded from the low early in the week recent comments have been hinting that this breakout looked more possible.
NDX is still testing YR2. VIX is below YP but fractionally, and a move back above would be easy to occur.
SPX is slightly above QR1. RUT got in gear with a move back above its MP, and also a launch from YR2 which held as support.
In sum most action bullish, and with all 5 USA mains above all pivots I must give the trend the benefit of the doubt. That said action looks a bit toppy, and an option expiration week with an end of month fade wouldn’t be unusual. Also, from the Total market view timing section, 9/20-21 turn date. These have been rocking lately, and a dedicated post on the blog will follow.
DJI, NDX and VIX below.