THE MARKUPS

Markets closed near the highs after gyrating in the final hour - seemed like someone wanted to save the day for the bulls.

The SPX now in a healthy state above all the significant moving averages and at the EMA 20- not sure it will stay above those levels as we are now at over bought levels.

In addition the SMA 200 is down trending.

RSI 2 levels as follows:

SPX 86;

DJIA 80

NDX 87;

NAZ 86;

The VIX also collapsed today as it fell to 26.36- and about 12% under the SMA 10- so not so bullish as the market rarely makes significant gains from these "relatively" low VIX levels.

I suspect the bulls wont give up much before the end of the month as we also have quarter and half end mark ups in addition to the usual month end.