SPY - broke downtrend
COMPQ - doji holding
RKH - will it breakdown?
UUP - no signals yet
VIX - resistance holds
ETFs - financials and commodities lag
HEAT - financials and material are the laggards
Analysis: Important sectors (xlb, xlf) are the laggards..thats bad for the bulls...but good thing is that despite the news saying how the fast few days are scaring many people, looking at the charts, everything has been orderly and the pullback is still very healthy and manageable...i don't see people dumping their shares just yet. the uptrend is still intact and instead of calling tops, we should just monitor when it will be over and get ready to go long again....in the very very short term though, i see some more weakness but i think we will sidetrade...maybe boring tomorrow and possibly a good move up to scare the shorts and end the pullback....this is of course unless we breakdown hard sometime in the near future which would make me rethink all this. one thing i need to mention is that many charts are breaking down on my chart scans...thats the most bearish sign i've seen yet...
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