8:09, The median line of the Bollinger Band, which is also the 20 day MA is still acting as resistance and is keeping the VIX from heading higher, the indicators are on a buy, but the price needs to break above this resistance in order to challenge resistance of the upper trendline, which is also near the same level as the upper Bollinger band.
7:59, The es-mini's have a much better looking impulsive wave building then the cash index SPX has, but the minis need to make a lower low for a 5th wave before entering into the territory of the 1st wave down at 1254.50, which if this is an impulsive wave, the price should not even reach that level on a 2nd wave retracement.
Click here for a live, and updated chart!!!7:41, Things are starting to roll over on the major indexes, the big question though, is there one last 4th wave squiggle, or are we starting something larger to the downside. We need to see a sell-off as being impulsive, with no overlapping waves to even start thinking a top might be in. On the Trendfinder this morning there are early sell signals for the Russell, but this needs to be confirmed on a closing basis. Nasdaq did confirm a sell at yesterday's close.
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