sp'daily5
vix'daily
Summary
A key level on the daily chart is the giant gap @ 1425. Its not seen on the spx' chart, but more so on the index ETFs, such as the SPY.
The low end of a retracement was indeed in the mid 1420s...so that zone is certainly a natural place for any decline.
Yet..are we really looking at a move from 1472 to 1425 next week, in opex week no less?
Lets be clear, a move to the low 1420s AFTER next week would be a break of the rising channel support, and I can't see that happening.
So, if we are going to get a retracement to 1440/25..then it'll be next week, rather than the tail end of the month.
As ever..its just a thought..from someone who is still very much 'in love with the downside.'