More than ever, the overall market direction depends on the TECH stocks. Nothing new there but note Friday's bounce coincided with that of NASDAQ's
DP Weekly Wrap: A Gap I Don't Like
Last week we were looking at a possible bearish island reversal on one hand, and nascent parabolic advance on the other. This week's decline filled the island gap, making the island proposition moot. The decline also reached down to touch the parabolic arc, but so far that 'support' has held. Of more immediate interest is the gap between the most recent VIX top and the top Bollinger Band. More on that to follow.