The Nasdaq and the SPY may have reached a short term stalling point as of Friday as the SPY, Nasdaq, and APPL have all three had their upper short term channel lines shown to be resistance (shown in the three charts on the left side below).
Click on image to enlarge
The two VIX charts on the right side reinforce the possibility of at least a sideways movement here in the Indexes, if not a pullback. The upper VIX chart, the Daily bars with a 5 and 10 EMA line, show that the red 5 is coming up under the green for a possible up cross in the next couple of days.
In the lower VIX chart, the Weekly bars with a 5 and 50 EMA line show that if the Daily chart does up cross then the Weekly 5 could easily bounce up from the blue 50 EMA line and cause a hard pull back at least for a few days.
If in the upper VIX Daily chart the red 5 cannot up cross the 10 line and instead gets pushed down by it then sideways movement is almost assured. With the SPY and Nasdaq having such unusually tall short term channels, it may be a good idea to take trade profits here just in case the pull back happens. I closed out the second half of my long SPY position Friday but have no interest in going short just yet.
Trade well my friends