6/20/2018

Mixed markets continued with the same recent trends:

IWM led with surprising strength, closing above YR2! So far proving my latest Total market view wrong as I really thought there would be some reaction in this area. 
QQQ also up for high test, though some fade from near JunR2 tag

SPY did not do much, still under HR1

DIA closed below Q2P! Futures held on, but cash also below, so that's 2 out of 3. This is now the 3rd time that DIA has moved below the Q2P after being above. 
NYA continued below its QP as well

With 2 of 5 USA mains closing below QPs, it was surprising to see IWM soar above its YR2 without any damage at all. But I guess that is all the more reason to be long strength and short weakness, though these trends often reverse near quarter end. 

VIX steadied above the YP, but GLD broke under its YP. I weight VIX in over all risk on / risk off though. TLT was also weaker.

At this point it seems like better odds of leaders going higher than DIA continuing to break down, but things are basically a toss up here. I'm watching VIX and that could be a decent hedge instead of taking anything off from IWM. Back under the YR2 would be an entirely different story.

IWM, DIA and VIX below.

20 2 DIA D.png