Nasdaq bank index has reversed the entire week’s gain and taken out Friday’s support.  Our critical support area for the day did not hold, but the market has found marginal support in the ES in the pivot/gap area.  Low at 907.00.

Traders will be looking for the Fed’s thoughts with regard to Please Login or Register to read the rest of this content.

Gold (as a measure of risk) has spiked through resistance and is retreating slightly, and VIX is up steeply nearly at trendline support.  The ES is right at critical support of ~910, under which selling could accelerate.  We need to rally here or Please Login or Register to read the rest of this content.

Update:  Above, “VIX is up steeply nearly at trendline support” should read “…trendline resistance”

After just breaking above last week’s high, the market has reversed from 923.50 lead by the financials.  We have broken the first 61.8% area at 918.00, so shorts will likely enter Please Login or Register to read the rest of this content.

Market Internals opened strong with high readings in both the NYSE adv:decl ratio and adv-decl net on high volume relative to the last 10 days of trading, with VIX continuing its decline to the 26.50 area.   The SPY:MDY and SPY:IJL ratios have also broken their trendlines to the upside, thus indicating Please Login or Register to read the rest of this content.

Update:  IJL should read IJR, above

Please Login or Register to read the rest of this content.