Wow! As of a few days ago when writing the Total market view, I thought NDX approaching YR2 along with seasonal dullness might be enough for some reaction lower. I did not think it would power through without some delay.

Just the opposite happened - a massive liftoff from YR2! Thankfully I paid attention to the details and momentum strength and did not exit, hedge or short per other daily comments and tweets this week.

As major turns typically happen on the big levels, the liftoff from NDX YR2 is significant. The next major resistance for NDX is above 7800 at the QR1 and then HR1 above that.

Although I mention VIX often, I rarely mention VXN. This also was a good tell by hanging around the YP with no jump from the level. Contrast this week's action with mid January, March, and later June.

SPX, NDX and VXN below.