Gold, Oil & Indices (Equity & Bond Indices)

George, I keep checking data on crude. My continuous symbol is on April contract now.

Today the VIX retraced the last 10 trading days in one fell swoop and NYSE down volume a pleasure to behold.

Crude 93.93 ext target just hit. Let's see if it holds

No, I wasn't forecasting a deep correction on crude. I just thought the corrective pattern which started on the 30th Jan high, made a lower high on the 13th Feb, should complete at 94.83 or 93.93 before heading north again to take out the Jan high. I maybe wrong, the correction might have finished at the 94.97 low on the 11th Feb.

I am not going to predict SPX termination, first we need a sign of reversal. Fading an uptrend is a mugs game. I just feel the NYSE has been manipulated these last few months. The mkt will tip its hat when time to consider shorts.

Referring once again to investor complacency indicators for the NYSE at all time highs a major divergence can be seen in the Nasdaq 100 index for tech stocks ($NDX). In addition the NYSE internals I monitor have been less than satisfactory for the last several months. Often an alert that all is not well.

While the SPX is only 56 handles away from it's 2007 all time high, the Dow also very close to its 2007 all time high the Nas 100 is way below it's 2000 all time high, still testing the 50% level at 2806. It is also lagging well below its September 2012 high of 2878.

Looking at the weekly chart there could be an H&S formation with significant bearish divergence on the RSI, MACD and momentum indicators. Left shoulder to head to right shoulder. We need to see this divergence resolve to the upside quite soon and catch up with the other main indices or the outcome for all the indices will be bearish.