From 5/19 Daily SPY comment: "Maybe this is a key trading low, and given action on ES that is already off to a good start. The crowd is beared up, markets have been down about a month, and we've had a mild and mostly sideways pullback. For now the MayS1 holds and SPY remains above the other pivots. NDX holding its Q2P and NYA recovering its 1HP would be key tells for the market from here, as well as VIX moving back down."

Today was a big score for the bulls. In addition to SPY reclaiming status above all pivots, the Tech set, which has been a recent weak link, had significant bullish action. NDX jumped above the YP, 1HP and MayP, so also regaining status of above all pivots. This is a very big deal, especially considering just 4 trading days ago it held Q2P and barely avoided the status of below all pivots. NYA jumped back above its YP and closed slightly above its MayP as well.

Meanwhile, 2 of 4 key safe havens, GLD and VIX, supported the move in stocks. GLD looks quite vulnerable with a drop below YR1, continuing recent weakness below its MayP. VIX back under all pivots as well, so usually this means move is for real.

Remember, the crowd was quite bearish on the recent pullback low, and I pointed this out in the most recent Total market view.

SPY above all pivots should mean we see an R1; the lowest of which is May R1 above 210. But this is in play just a few more trading days, and then we'll have June pivots and the much more important Q1R1 near 214.

Simply stated, after sounding an alarm for a trading high and hedge rec on 4/19-20, then pointing out chance for key low last week with the hold of MayS1s, I'm back to bull mode the more I see risk indexes above all pivots and safe havens cracking. Fiddle with fundamentals all you want, I don't see how you could do better than a portfolio hedge on 4/19-20, half off 5/19 and back to fully long 5/24.