Here is why I am bullish on SPX

Commodity Currencies

Aud/usd is headed up to test 1.08

Usd/Cad is headed down to test .9535

Safe Haven currencies

CHF will loose more against Usd, Eur, Gbp, Jpy, Aud and Nzd

Eur/Jpy is headed up to test 115.6

Gbp/jpy is headed up to test 129.68

Cad/Jpy is headed up to test 83.2

Aud/Jpy is headed up to test 86

Nzd/Jpy is headed up to test 66

Bond Futures

/ZB is headed down to test 125'2

/ZN is headed down to test 122'3

World Excluding USA

ACWX is headed up to test 45.1

Emerging Markets

EEM is headed up to test 46 area.

Volatility/Fear index

VIX is headed down to test 14

Oil

/CL is headed up to test 102 area.

My target for SPX is 1340-1350 area

VIX Target 13.5

COMPQ-testing/consolidating. RUT-back testing

After four months of high closes by COMPQ, I see more odds for lower close by COMPQ. Plus we are testing a important TL. Although RUT paints a clear picture of this back testing. Added important VIX chart testing triangle's support line. I expected this last week.

What's left is Nasdaq now.

To continue the downtrend, what's left is Nasdaq. SPX and RUT both has clearly broken March rally channels downwards. Nasdaq is a leader and a laggard both. Once it joins the downtrend, it will lead the downtrend.

Watching VIX, eur/usd, /DX to make sure we are not moving away from downtrend. VIX closed above a very important TL. Watching if it stays that way at friday close.

FAZ's volume was very good today, more than its 3 months average volume. I was worried when FAZ's volume will be greater than its average and it did it today.

JPY became carry trade today. That tells me people smell fear. If fear grows, we are definitely in P3 and I expect to go below 666 then.

Updated: DJI has not broken march rally channel too.

VIX - needs to hit lower channel line and then up

VIX still has room to go down lower and hit channel line completely and then up. Last week, it did not touch it. BUT I would not close my shorts. Rather, that will be the time to load up more on shorts.

Vix last stretch and then up up up