Swing High

The major indexes rose more than 1% today. Volume was average, which certainly takes away from the move. The VIX dropped more than 8% today, which is pretty significant. A 3-4% drop in the VIX would have been enough confirmation for today. The TRIN was certainly bullish and the TRIN/Q was almost overly bullish, hovering around .4 all day. The TICK and TICK/Q corroborated the sideways chop that we saw for most of the session.

Gold (GLD) spiked up 2.26% today which is good for the markets. Also, the dollar (UUP) dropped .43% and that also helped push stocks higher today.

The S&P 500 (SPY) could be marking a swing low here, but it is certainly not confirmed yet. A break above 110 would be strong confirmation of a swing low here. Otherwise, the daily chart is still showing the makings of a weak low base consolidation.

Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.

Happy Trading,

Jason

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