Thanks to the many well-wishers for your messages of support over the past few days. My knee surgery went very well Tuesday and I’ve already graduated from the walker to crutches and am determined to replace them with a cane by the end of the day. I’ll probably skip the Boston Marathon this year, but there’s always next year. The downside of a knee replacement is that it’s somewhat painful. So, please excuse the drug-induced typos that are bound to crop up over the next few days!
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On to the markets. This one is easy. SPX will make new highs on the open this morning. But the 10-DMA is still below the 20-day, ES’s rising red TL is hanging by a thread…
…and VIX has passed on the opportunity to ramp things even higher – remaining above its SMA200 and the red TL from Aug 5. There are many other warning signs flashing from TNX to AAPL. In other words, caution is warranted. Despite the recent rally, the downside risk is far from over.
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