Major Indices Bounce, Remain Guilty Until Proven Innocent

$DIA $QQQ $SPY $IWM

Low volume bounce today almost exactly into the EMA 5 for each of the major indices.

VIX remains elevated. Last 3 days, +26%, +65%, -28%.

It’s also a big earnings week, with a number of notable filings to come.

I still think the IWM 0.00%↑ looks best positioned. It gap filled all of those moves up in the past 3 sessions, and looks constructive if it can hold $200.

Ultimately, the longer term picture will be better shaped once we get a weekly close on Friday. Until then, it’s an environment where less is more.