Qs rallied up to R1 at the open and modulated in a narrow range for the remainder of the day, never touching another pivot. The entire market went flat line right at noon ... in expectation of another major surge ... either up or down. The NYAD, TICK, TRIT and volume flow all went into a suspended state for about 5 minutes and you could clearly see the quiet in the markets before the breakout . . . which turned out to be a break to the high side. Although the 3/7 MA cross has not yet materialized, the next short term trend for the Qs should be up ... with short term resistance right at 49.00. The VIX did confirm the 4 day resolution pattern mentioned yesterday, declining precisely to the S2 pivot on the narrowest range seen for the past 5 days. The VIX has now fallen below the MACD (5,20,3) histogram zero line and the 10DSMA @ 20.47 is the next target.
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