5/12/2016

SPY closed under its MayP today, which is somewhat bearish considering the open was above. SPY doesn't quite have the "look of rejection" yet, but it looks to be setting up that way on the ES on the current bar (5/13 bar starts after hours on 5/12).

In my view VIX will have to lift above the MayP along with indexes clearly rejecting their MayPs tomorrow for a good sell signal considering the recent chop.