Well today dipped early, not as low as I had thought it might (but close) and then rebounded. But not as high as I speculated to 930+. However the SPX did achieve a new afternoon high. The DOW is diverging. Its a problem for the market. The DOW still has yet to have its "golden cross" moment, although it too cannot be stopped from happening. Its just going to take a bit longer.
What will Monday bring? Well the VIX again closed under its BB as Kenny pointed out (and EWI). I guess a fear bounce is due of some kind. Any market decline will of course depend on how much sellers outweigh buyers (duh!). My point being it does not mean the SPX will collapse 50 points from here (but of course it could).
So Monday is unclear. Overall I am looking for an [a] wave peak (922 today may have been it if stocks take a dump Monday) and then a [b] wave pullback. So the market could push early for an [a] wave peak and then reverse hard on a [b] wave pullback. How far back I am not sure.
If 922 was the [a] wave peak, then perhaps Monday opens bearish and heads down in a [b] wave retrace back down. If a 50% retrace back toward 888 occured from 922, your looking at roughly 905 area. If the market peaks at 934 Monday and a 50% retrace occurs then its back down to 912 or so.
My 1 minute chart has the market in a Monday bullish configuration. I'll have more this weekend, got to look at some more stuff.