It was another R2 pivot day for SPY on Friday with volume less than 50M into the close. The nervousness over Yellen's Friday meeting produced a short lived sell off before noon but the markets quickly rebounded and we ended at the high of the day. Technically, we're overbought with the RSI2 at 98 but the VDX's view is slightly more optimistic for the bulls and the Sell in May crowd are getting punished badly. The
Trader's Outlook shares this optimism, at least for now,...just keep in mind that market sell offs typically start from situations of high hope and market exuberance.
Note: ALL the VDX charts are suggesting bearish outcomes for the near term.
Starting Monday we'll post the daily MVP signal for SPY just to see how the model performs.
Some big changes are underway with Mosaic and LQB and details will be forthcoming next week.
