Bulls won Thursday with Tech set back above all pivots. Shazam, back to new NDX highs? Honestly I didn't think the dip would end this easily but VIX has been the tip-off, never signaling real trouble for the market. The high in VIX was Monday open at the 2HP and then closed under Q3P each day this week.

From this week's total market view: "The VIX has worked extremely well confirming the real trouble and when it is ending, so I will continue to use that to guide my decisions. Watch the reaction from Q3P to 2HP 18.28 to 20.07. Study the VIX charts in the safe haven section to see what we are looking for on a buy like 2/12 and 6/28. Simply stated above 20.07 means real trouble for the market, while a slow-down of the move up and subsequent rejection of that area could be a decent stock buy setup."

So what will it be tomorrow? I don't know. 4 of 5 USA mains are still below monthly pivots. TLT looks quite weak, and oil per CL1 and USO also looks vulnerable. But right now, leaders (QQQ on mains, SOXX on sectors, XBI helping too) have led and VIX has dropped from resistance so one cannot be too bearish.

SPY, QQQ and VIX below.