SPX: Flying High This Morning

 

This SPX chart is flying high but it also left 2 gaps in its wake.  I’m sure those two gaps will get filled, but I can’t give a time frame when they will get closed. Even the futures charts have gaps, so  those two gaps will keep me in a long-term bearish mood. I made some position changes with the DJIA, but left them off the September peak, due to space limitations.

The Market Vane Report on the SP500 was pretty boring as they ranged between 53% and 55% bulls present. That is not even enough to get out of bed in the mornings for, as those readings are just middle of the road. If the big bearish picture is still in effect, then no new record highs should happen. The VIX has crashed acting inversely to the SPX, so in this case, the VIX is acting correctly.

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