Indecisive S&P 500

The SPY (SPX) is giving some mixed messages from various indicators. While the general feel seems to be a grind higher, it's important to note that we have stayed under the 61.8% retracement of the correction even after several attempts to push thru. Also, not depicted on this chart, but we failed to maintain the 100 day s.m.a. (I'll try to add that chart in the comment section.) We also formed an inside bar on the daily, so tomorrow's action should give insight for next week's trading. Of course, none of this is relevant if headlines or tweets of significance happen over the weekend.

I'm playing towards the long side, but hedged with calls in UVXY, and I did that mainly because VIX maintained and closed above 15, and short-term signals suggested we may see volatility surge even more.

Also, the Russell 2000 (RUT) is still strong, but it appears to be showing signs of exhaustion. Ditto the NASDAQ Composite (IXIC) and NASDAQ 100 (NDX).

I really want to short this market, but I'm not fighting the tape. When it says its time, then it'll be time. :)