TRADING DP

[TREND1]

2/1 Ultra-Short-Term Indicators: No climactic readings, though it is interesting to note that the VIX, though closing on its average, popped above the upper Bollinger Band which is very short-term bullish.



Conclusion: Indicators in all timeframes are bearish. There is a clear bearish rising wedge on the SPY that certainly calls for a decline, but as we've seen over and over this past year, a rally doesn't have to build off a correction. Price has found a way to hold ground by consolidating mostly sideways rather than correcting. In any case, I would still expect to see price test the December low at around $222.