3pm update - Transports confirming an initial turn

The first sign of a turn is being offered by the old leader - Transports, which has flipped from a red..to blue candle in the past hour. Trans' held the broader up trend from late 2012 (R2K was the only one that broke), and 7k is now initial key support.


Trans, weekly'2

VIX'weekly

Summary

*VIX weekly remains something to keep in mind for next week. With that magnitude of a fail - at the 200 MA, it doesn't bode well for the equity bears for some weeks at least.
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So, the last hour of what has been a bit of a crazy week. We've seen the VIX break into the 21s...only to get smashed down to the 15s, as the sp' rallied from 1737 to the 1790s - despite lousy jobs data.

Any of the doomer bears who have managed to restrain themselves, and not throw a brick through their desktop screen, should consider it a major achievement.
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3.05pm.. sp'1795, bears running for their lives now..and bull chasers are appearing.

A weekly close in the sp'1800s would be a real spiteful way for the market to close the week.

*metals are picking up.. Gold +$9, currently, a weekly gain of 1.7%, but STILL stuck at the old broken support level of GLD 122


3.42pm.. micro 5/15min cycles..both bullish into the close. Regardless though, week ends in favour of the bull maniacs.. as confirmed especially by the VIX.  


3.50pm... sp'weekly..'rainbow' chart now also confirming a turn... red candle..flips blue.

back at the close.