Oops, the Daily comments of the last two days wound up on the blog instead of here. So today I'm copying verbatim and then will delete from the blog.

In the most recent Total market view I thought that SPX would clear HR1 resistance but watching for reaction at NDX YR2. This has been a strong move for late August, and in the last few days tech has gotten into gear after looking somewhat weaker. SMH, XBI and KWEB all are supporting the move of NDX to higher highs. Anything can happen but at this point, especially with VIX under YP, that NDX will clear YR2 without too much trouble. VXN is an interesting one to watch, because a big lift on that with a small advance would tell a different story.

Speaking of KWEB, it along with EEM and FXI recovered YPs today as well, which is additionally bullish for risk.

SPX and NDX below.