5/14/2018

The big levels in play mentioned in the latest Total market view all have the same status -

QQQ YR1 - price reached above but closed below
VIX YP - still above
IWM YR1 HR1 QR1 cluster - tagged HR1 and near tag of QR1, then reversal down

However - VXX lower, VIX not that impressive a move, TLT below MP, SPY and DIA holding MR1s as support are all points on the bull side.

So far we have a few signs of possible turn but not the usual confirmations such as strength in safe havens and multiple main index level rejections. Therefore jury is still out whether we have just seen a turn of significance. 

IWM led in Q2, reclaiming above all pivots as early as 4/12 and maintaining that status since then except for a fractional break on 4/30. But it led down today so perhaps the simple move to reduce on the long side is take some profits.

SPY, QQQ, IWM and VIX below.  

14 2 QQQ D.png