5/23/2018

No doubt today put my bearish thesis to the test. Markets could have seriously broken down but instead held in impressive fashion:

DIA held QP
NYA held QP
QQQ was -1% overnight only to rally all day and finish at the highs and back above all pivots!
SPY had MR1 rejection only to reclaim it on close.

This is almost enough for me to scrap the bearish view. However, QQQ is still below its YR1 and VIX above its YP. If those both go then yes I'll think indexes are going higher until the next resistance cluster.

QQQ, DIA and VIX below. 

23 3 VIX D.png