TECHNICALS -VXO SPX

Futures are higher this morning on top of yesterday's big melt up in light of good earnings news from AAPL EBAY MOT etc. Note however, that there was a big sell off in the futures between 4 and 415 eastern time yesterday afternoon on the INTC disappointment so we are sitting near fair value (the cash close) as I type.

The pictures are giving some pretty clear sell signals as the 2 day RSI on the SPX is over 90 and the VXO is trading at about 6% below its 10 day SMA so I suggest caution on this "GAP" up this morning. On top of the VXO/SPX signals, we also have the SPX approaching its downtrending 50 day SMA. What do they say about signals lining up; and I would watch the giddy CNBC journalists for the final piece to the puzzle.