MAJOR MARKET TECHNICALS

Looks like the major large cap market indexes continue to be in nice up trends with some catch up work ahead for the RUT and the MID.

The 2 day RSI on the DJIA stand at 94, the SPX at 90, the MID at 89 and the RUT at 71.

The RUT hit its all time high back on May 9 at 837 and is a bit less than 2% off that high. The MIDs also hit their highs on the same day but practically traded at the level on Friday.

The VIX/VXO (12.5) combo trade about 5% below their respective 10 day SMA's but far above their recent lows in the mid 9's. Not sure why they are higher now than they were when the SPX was about 100 points lower back in mid December, but I bet I am not the only one shaking their head about it.

The markets are playing out the way I expected, new closing high on the SPX about 5 points away and all time highs about 30 away- So maybe this will be the week; probably some selling if the numbers get tagged - but any sell off from there is probably another buying opportunity.