Futures are trading flat a few hours before the opening bell - but some interesting stuff when one looks at the charts.

First, the VIX trades approximately at its SMA 10 and actually seems to be in a down trend;

Second, check the charts on the QQQQ, the SMA 10 and SMA 50- about the same spot- RSI (2) also smack in the middle at a reading of 52;

So with all the bad news- and with DOW this morning- markets still refuse to head lower I am getting a little bullish here as the NDX/NAZ/RUT/TECH/SEMIS acted very well yesterday despite poor action in the large caps.

Bottom line- unless something changes I will be looking to step on the pedal to the long side and looking for QLD and UWM.


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