1:30 UPDATE

The image that should be there is one of Miles Davis but for what ever reason the "blog image uploader" is not working properly. The reasons for a Miles picture are 1) his induction into the hall of fame and 2) tooting the horn of following those Pivot Points as the SPY just shot through Second Resistance after hanging around right under them since 11:30 EST. The SPY came down to the 128.9 area which was a nice buying opportunity set up for a quick day trade especially in light of the improving internals and the dropping bond yields. The bad news is that the Volatility Sisters have sunk to session lows and are within a hair of giving sell signals at 10% under their respective 10 day SMA's. The SPY is also at a 2 day RSI of over 90 so another sell signal is lining up. I do not say that the market can't go higher, it can, but the odds are slowly leaving the bull. I think better buying opportunities will appear in the future as the overhead resistance gets thicker as we get to SPY 130 and the VIX et al sinks to levels the markets rarely rally from. Its the old buy lower sell higher mantra.