A quick look at the $VIX. I believe its behavior supports the bullish count. It is failing from a series of “fan lines,” having retested the orange one from beneath, before moving lower, and then retesting the purple one from beneath as well. And so far, it has not been able to recapture them. A second failure here would coincide with a strong upward movement in the S&P 500.
And I will back out a bit so that you can see the highs from which these fan lines have been generated (most of you have seen these before):
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