sp'60min
VIX'60min
Summary
*VIX is very unstable right now... unless its a rogue print or two, someone is heavily shorting volatility in the opening 30minutes.
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**stockcharts is having tech' issues, as the opening candle was reset, and no longer shows the move to sp'2027.
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There are very clear gap zones of sp'2025/21, with VIX 20.00/20.50.
I suppose you could count ongoing price action as an ABC retrace from the Wed' high of sp'2076.
If so.. we should hold the 2020s... and see a rather clear latter day recovery, with net daily gains.
Right now... I'm still leaning bullish, but with each passing day... a new historic high (>2134) looks ever more difficult. Even if we do see a new high into Jan'2016, can the market hold it? A key warning signal would be a Jan' close under the monthly 10MA.
As ever... look for a key floor by 11am. If we can turn green by 2pm.... a weekly quad-opex close in the 2050s is probable.
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time to shop.. back soon
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10.30am.. We have a FULL gap fill to sp'2021... with VIX mirroring.
There are notably spiky-top candles in the VIX, HIGHLY suggestive this morning is a washout.. much as Monday morning (sp'1993) was.
BEARS beware.
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