NYMO - neutral now...pullback over?
SPX - last minute selloff made the close a strong support going into tomorrow..rangebound a strong possibility
QQQ - same resistance in XLK and QQQ but this is quite an ugly chart for tech bulls as we are right at breakdown, making for a textbook pullback before more selling
MDY - midcaps got above resistance but as its not as important an index, dunno how much weight to give it
VIX - surprisingly, not a huge selloff here....this is a bearish sign that gives hope to bears that today's rally was bs
GLD - another bearish sign as a reversal in stocks should also be a reversal in other stuff such as the much looked at GLD...but in fact, gdx even rose
- jobless claim numbers better than expected
- ban on short ban proposed in europe...
got so many reasons to fear that today's push up was bs and that we will trade sideways...need confirmation of a move up and close about resistance for qqq and spx with a better selloff in vix and gld to make me feel better..but atleast there was a huge selloff in TLT which makes sense with the reversal...as i feel a big bounce from the lows made sense more than more selling, i also feel that this bounce we just had in 1 day and the stagnant moves of the last few days might be enough juice to move us way lower tomorrow or atleast firmly into a sideways pattern.
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