NQ - ES spread signaled to be short.

This morning I wrote in my morning brief that it looked like it was going to be a bearish day with the Dow Industrials, Dow Transports, and S&P poised to open below their daily uptrend.  On the cash open the S&P started to sell off along with the Industrials, NASDAQ, and Transports following suit.  The VIX started to rally higher looking to test its 50 day m.a.  All signs pointed down.  With all of that being said, the S&P made a low of 1328.00 and then took off to the upside getting back above its daily uptrend while the VIX turned back down on its belly.  The S&P led the major indices higher while the NASDAQ lagged.  It seemed as though the shorts might get blasted again but the S&P ended up making a good technical high at 1341.25, the 10 day m.a. We were also only 2.25 points above my daily pivot at 1339.00 and I noticed that NASDAQ-S&P spread was remaining weak.  This daily spread chart had several tops around 1060.50 and I had noticed that back in February the spread failed from that area and the S&P was pulled down by the sudden weakness in the NASDAQ.  When the spread failed to hold this same area again and the NASDAQ was lagging the S&P in the morning rally that was the confirmation to stick with selling the S&P.
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