Halfway through Monday and price continues to cycle between S1 and PP pivots for the majors. The Qs are the momentum leader for the present with EEM pulling up the rear…as with last week. SMH and the Qs have the best 5 day trend along with VXX, which as mentioned previously, moves to the tune of a different drummer because of it’s -2.89 beta. TLT is trying to find a direction while the early retreat back to S1 of the majors signals weakness is most likely to prevail in the absence of positive news catalysts. Note the position of the VWAP relative to the SPY price (shaded area).