Not much change…

Straight to the point… Double top in $SPX on divergent STO and MACD (2hour).  $NDX bouncing between support levels, and has yet to break to the downside, double top also.  Some resistances are “bending” at this point, but nothing seems to be breaking.  We could get some action tomorrow on expiry, but given the large confluence of resistances, I imagine we will just bounce back and forth, screwing as many of us as possible.

Should we manage to break down, I would hop on with some puts, even if just for day-trades, as that strong diagonal resistance finally breaks.  If and when this happens, we should be able to look lower for a few hours… 😉

AG stocks looking WEAK… I thought POT could have been a good long this morning, as it was chugging along, but it’s 7% drop today, as well as nearly 9% from CF, AG, AGU, and MON knocking off 4%, 5%, and 6% respectively.  Take note, most of these either bounced from an established resistance, or broken a nice up channel.

Nothing new to report on XHB or XLF.  XLF has turned back down, and from well below the previous high.  XHB has climbed a little higher, but not with the strength in prior rallies.  These guys are exhausted.

Finally we come to the $VIX, who is not exhausted.  $VIX has traced out an ABC correction that has retraced back to the 38.2 fib level, indicating a retracement of 61.8% (I wrote 61.2% on the chart, but it is 61.8% and I didn’t take the time to correct that) of the prior rise…  Just can’t seem to get outside those 2.0 BB either, as that would be a nice Sell signal, which certainly would indicate the arrival of the next leg lower.

Finally, I leave you with this article… Pretty interesting.  Could be a great way to both reward the execs, and get rid of dirty laundry… What say you??

Skål!