I delayed our update this morning so we could see what the Institutional investor action is at the open today.
It is now 10:43 AM and here is what it is showing:
1. The 60 minute Institutional Index of "core holdings" broke out of its Down trend in mid July.
2. It then spent 3 weeks in a sideways trading range and broke to the upside last Friday.
3. This week, it fell back into the trading range.
4. Yesterday, the index moved up to test the trading range's upper resistance line and failed to move above it.
Today's Update:
This morning from 9:30 AM to 10:43 AM, the index has remained quiet and neutral with the MACD moving sideways as seen on today's chart.
It is option's expiration day today, and as you saw on yesterday's update, the VIX is poised to have a breakout sometime today or Monday.
I don't expect the Institutional index to remain quiet all day, so keep an eye on the VIX (per yesterday's update: Thursday) for directional clues this afternoon.