The VIX is slowly reaching the 30 level. The 30 level is the level of pessimism that many side-lined bulls are waiting to see before entering the market to the long side.
As the ES and $TICK pivots went lower, the $TRIN and NYSE Advance - Decline Line were showing some signs of buying on Monday.
I never thought that I would recommend a thread on EliteTrader, but the posts by jjrvat on market waves, trend direction and momentum is an excellent read.
Charles
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