Wednesday, 15 August 2012

11am update - waiting for a fall

Market remains very minor chop. The daily cycle continues to lose upside momentum, and some sort of weakness should be seen increasingly through the rest of today.


VIX, daily, rainbow


If we break the lower channel line, we should start to see some significant declines by the close.

Look for dow -45/60pts. If we see that sometime today, it should be indicative of a major turn underway.

Regardless, stop levels for anyone wanting to take new positions are VERY clear, since we've been in such a tight trading range for the last 8 days.
VIX remains largely flat, nothing notable yet. Yet, we do have two blue candles on the rainbow chart...a turn is being indicated.