After five higher low candles on the daily, I’d usually say, we probably need to rest, or pullback.  The 60-minute chart of QLD shows the consolidation of the past three days though.  Mabe we’re headed to the 200 ma on the 60’s first.  The VIX falling below it’s channel as I suggested last week, should help the market get to those 200 ma’s if it breaks.

I spent most of today buying dips and selling for scalps.  I use stochastic signals on a 5-minute chart for that.  You can see the channel SSO built on the 5-minute today.  I thought they were going to run it higher, and kept holding on to some inventory.

VIX has a negative divergence here.  When it breaks down under that channel it should send the market higher.

We’re still working on higher low candles on the Nasdaq daily.  Tomorrow is a fibonacci 5 bars up, and end of the month.  I think we can get a little higher here before a healthy pullback, but will respect what the charts give me.  The market’s always correct.