Needless to say today's tape was confusing at best. Markets reversed from highs (quite sharply I might add), but COMPQ/RUT led all day with VIX ending significantly down (27.99).
1.- MONTHLY CHARTS
Check out these monthly charts on all 4 major indexes (INDU, SPX, RUT, COMPQ). Two words: VERY BEARISH (I know the month of June is not over).
INDU
SPX
RUT
COMPQ
2.- UPDATED FORECAST
Not much to say. Still cautiously bullish but hedged as per previous post - Intraday Update. If we crack 900 to the downside I'll get about 80-90% bearish. Crack 880 and Bearfest is on. Let's see what happens next week.
To be honest, my unbiased opinion is we head down since the VIX is at an absurdly low level, but I always obey my trading system so staying slightly long.
Have a good weekend.
