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The State of the Trend
The major indices didn't disappoint and finished one of the strongest (from a seasonal point of view) weeks on a positive note. For the record, this is what the rest of the year looks like for the weekly SPX:
Chart courtesy of OT Seasonal
The trend for the averages in all three time frames (daily, weekly and monthly) remains up, and this rally continues matching the 2011 QE script point for point. Bullish sentiment, however, is stalling and VIX is flashing a warning signal:
Notwithstanding that another Fed-released taper trial balloon could precipitate a sell-off at any time, just like happened last August and September, a drop below daily channel support will signal the beginning of a sideways/down move:
Gold and silver continue to be the worst performing industry groups in 2013, and remain trapped in multiple downsloping channels: