All key markets continue to act bullish with volatility readings in both the SPX and RUT dropping back near all time lows - which is a bullish indicator, BUT when the SPY ETF started selling off a little a couple of days this week, the sell off volume was a little elevated which can signal weak hands are holding those positions and in a further drop there could be significant profit taking/selling, prompting further downside momentum.
All in all, I am expecting current long term trends and channels to remain in tact barring any major news events.
