10/13/2016

Nice comeback as indexes tried to hold levels. These varied a bit per index and variation. Here's a quick rundown: 

SPX set basically holding OctS1s - ES1 & ESZ low of day near their OctS1s; SPX and SPY dipped below OctS1 but closed above
Tech set NDX, QQQ below OctP, but futures NQ1 & NQZ held - gives bulls a shot. 
INDU set bounced off OctS1s, potentially bullish - YMZ contract low of day bang on OctS1 FWIW
RUT set managed to rally back and close above Q4P, also potentially bullish
VTI more like SPY, dipped below OctS1 but closed above

Interesting that headlines are pointing to oil strength as reason for the bounce - one of my emphatic recent long recommendations (see 10/1 Total market view).

So there is bit of mixed signals here with Tech set split and INDU and RUT trying to bounce / hold support. But VIX is higher above Q4P / OctP combo, without reaching any resistance, and that means any bounce is suspect. 

Remember, in the past, when the leader holds the larger trend is alive. Right now the leader is Tech - NDX / QQQ / NQ1 / NQZ. Two of these held, and two didn't. I'll get back to bull side with any move above QQQ OctP 117.19 and especially get back to bull side with confirmation on VIX.

SPY, QQQ and VIX below.