Lousy volume again today. There are no buyers in this market today - although arguably, that's been the case for a large extent for some years. Today has been almost entirely about yet another set of bear short-stops being taken out. With sp' spiking quickly beyond 1405, there is virtually no one left on the short side. The only bears left are those with a stop equivalent to the sp'1422 high and those permabears who will hold short until the end of the time (or until a margin call, whichever comes first).


Sp'60min

A clear break above all the bearish levels. The next primary target is obviously a test of 1422.


Sp' daily

I suppose a few bears could argue we are back testing the broken October channel/trend line, but that's a pretty big stretch. Regardless, any 'serious money' bears would have already got kicked last week or today around 1400/05. There is nothing bearish here. 



VIX' daily, rainbow chart

Its possible we put in a higher lower, but the trend is without question still weak. Yesterdays minor 5% up move..now entirely negated.


Summary

Arguably, anyone looking to re-short, would be wise to wait for a break below 1395..arguably 1385.
Bulls...would have a stop around today's low of 1395/1400

The daily, weekly, monthly cycles..are now ALL currently bullish.