sp'60min, rainbow
*I intend to make more use of the Elder Impulse (I call them rainbow) style charts, in the days ahead.
sp'60min july24
sp'daily
vix'60min
Summary
Its possible we have already maxed out, and will simply fall from here. However, I think there is very high chance we'll open a little lower..and level out within a few hours..and then claw quickly higher into the close.
Its possible we'll even close marginally higher, and briefly gap higher on Wednesday.
The hourly MACD (blue bar histogram) cycle is still very low on the indexes, and is far from ideal for those looking to re-short.
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Regardless, if I can re-short sometime today around 1355/60, I'll take it.
My target for this Friday is 1310/00. We have major GDP data, and I think that will be a further reminder to Mr Market the US is slipping into a recession - as company earnings (revenue/income data) are also suggesting.
Good wishes for Tuesday!