Wanting A Legitimate Test On A New Moon

Everything looked great yesterday -- until crude oil threatened to break $80/barrel again. Then it got interesting. The S&P shaved off nearly 25 points and got people's attention.

Here's what was noted the day before this happened:

The result was that the S&P got above the previous day's high and closed below it on lighter volume, which is never a good sign.

Here's the thing about oil: it could easily get to $85 and still remain technically weak.

This morning futures are well bid, but not able thus far to crest their best levels from yesterday.

I would prefer they did, at least so that the 50dma could be legitimately tested near the 1967 area. But the market does what it wants when it wants.

Today is the new moon at 12:56 pm EDT. The last one was within 3 days of the Alibaba Top, and a full moon was within 3 days of the 1904.78 August lows. So this market may be on borrowed time. I continue to add to UVXY against SPY calls which are hedged with cheap OEX puts.