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And Yet...

Everything seems to say this market should be going down... and yet... price is always the final arbiter. July through October is a seasonally bullish period of the year for the VIX. The VIX closed last Friday at 12.02. The last time the VIX was below 13.00 was last August just before the S&P 500 declined over 11.00%... and yet...

Sentiment is at an extreme. The CNN Fear & Greed index is at 83 which is a level described as "extreme greed". The NAAIM Exposure index is at 96 which is as bullish as it has ever gotten... and yet...

Commodities (bottom) are diverging from equities warning of a "risk-off" scenario and with inflation expectations declining no turnaround can be expected... and yet...

S&P500 and S&P GSCI Spot Charts
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