As the stock market closed another week of trading, we found the S&P 500, Nasdaq, PowerShares QQQ Trust Series 1 (NASDAQ:QQQ), Financial Select Sector SPDR (NYSE:XLF), Energy Select Sector SPDR (NYSE:XLE), and the United States Oil (NYSE:USO) still stalled at major trend lines.
The exceptions are the VIX and iPath S&P 500 VIX Short-Term Futures Exp 30 Jan 2019 (NYSE:VXX) which are sitting on major support. Expect sudden moves in both directions to be coming soon. The reality is that the prop the market coalition cannot afford for all these indices to rollover at the same time as it would be damaging to the stock market in both the short term and long term. Keep an eye out for interventions in the overnight oil futures sessions.