Ultra-Short-Term Indicators: Though not as climactic as yesterday, readings today are considered climactic. I believe this is an extension of the initiation impulse, but we do have to be aware of the possibility of an exhaustion climax. I could make a case for either one. The VIX turning down from its recent penetration of the upper Bollinger Band does suggest a pullback. However, we can see from previous positive climactic readings, they can go on for a few days before they are considered exhaustions.
Conclusion: Short-term indicators are beginning to reach the top of their typical range and climactic readings along with the ultra-short-term VIX suggest a possible pause or pullback. The rising trend channel on the SPY is looking good as are intermediate-term indicators.
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