We got the volatility dip forecast by last week's Impulse Indicator and the resultant bullish jump.
And the Qs are now approaching the lower volatility support level that has held for the duration of my study (33 weeks), so the expectation is that volatility will once again increase.
In Thursday's post the possibility of a new bullish paradigm was advanced and the action over the next week should clarify that question as we see whether the .5 support level holds.
As usual, keep in mind that these are weekly bars and a lot of chop can develop during the week prior to final resolution next Friday. The fact that Friday is also expiration may further serve to add an element of "excitement" to this week's action.
For the near term I'm sticking with my neutral stance mentioned Thursday, while continuing to scrape off dimes and quarters on intraday trades.
The VNX/Qs and VIX /IWM 2&3 minute bar trades have produced consistently reliable signals over the past week and a number of the traders in the free Market Rewind chatroom have explored nuances of the crosses.