The Qs took off like a bronco out of the chute, promptly hitting R1 before descending down to S1, and then taking off to hit R1 again, only to fade to the PP pivot at the close. That was a wild ride accompanied by volume slightly above the 2 week average. The Qs reached for 47.5 support but didn't quite make it. I think we'll see that level broken Tuesday, as the market finished weakly.It never ceases to amaze me how the pivots act like magnets for many of the bigger ETFs and if the Schwab/CyberTrader charts could be displayed clearly on Blogger I'd be more than happy to illustrate the point.
The VIX had a 10% range day, blowing through the upper BB band, then retreated to stick there. In sync with the Qs signal, I think there are higher levels to come as the VIX is only marginally overbought and the current markets are exhibiting both accelerated and exaggerated moves relative to the Spring.
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