Friday's tape and close left us just about where I thought it would the other day.
You can see it even better in the trendlines on this chart. What a meat-grinder. One of them has to break.
I think new highs are possible if the bulls can spark a short-covering panic brushfire this week, starting with a taste of trading above 1900 SPX.
This isn't his call, but this week we tripped one of Dr. Bob McHugh's favorite tactical technical signals, the "VIX buy" signal. This is where the VIX closes outside of its 2SD Bollinger Band, and then back inside, indicating a "buy" across all of the indices.
We shall see ... we shall see ...
Edit: chart for Permabear Doomster, our man in the London.
Actually, I think this last chart should give any short-term bear some serious pause. Whoa!