* See UPDATE below...
A bit of humour provided while waiting for the SPX to roll over...
The diverging RSI, MACD, and PMO indicators, as well as the ratio price, on the SPX:VIX ratio are not confirming the rally in the SPX (from June 21)...something I reported on in my post of June 20...so, I'm thinking this latest rally may be a 'dead cat bounce,' and about to turn around.
However, as we know, markets have a habit of baiting, trapping and surprising.
So, we'll see what happens, and whether traders are at all bothered by inflation data.
* UPDATE July 19...
If the ratio price remains below the 200 MA, look out below for the SPX...the 'dead cat bounce' is playing out nicely with the recent plunge in the SPX.
Major supports sits at 4000 on the SPX...and 100 on the SPX:VIX ratio.
