I am writing on the cab on the way to the airport... On the way to start the first of many milestones to come.
It appears rather obviously that a double top is in place, and it is time for a (hard) retracement/correction to start. As with previous turns, this juncture developed as expected but does not come with obvious fundamental (actually it is in place with all the lack of bullishness after the QEs) and news market rockers. The closest we got was yesterday's IMF warning statement, which appeared to be 'timely' in technical analyses terms.
With the S&P500 index and futures giving such obvious technical perspective, including a bearish divergence, the VIX correspondingly shows a bullish divergence. Both hd in the past days failed an attempted breakout/breakdown.
Now, we might need some breaking news to set it all in motion for a decent correction, and this has a good chance of snowballing.
Watch for it.
Be safe.
The MadScientist
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