1:01 pm PST. SPX closed really nicely, green for a change! I have the upper trendline as my target for now. Once we rally over the upper trendline, I anticipate we will move to make a new high. I imagine the market will probably do some back and fill into the trendline.

The Vix is still in backwardation, but I thought we saw a nice drop in VXX today, and treasuries. The fear trades are coming off.

The market makers moved back into corporate bonds. I saw a 1.2 million share print at 87.41 on HYG. I also see a nice a-b-c corrective wave on HYG too. Looks bullish.