VIX - volatility still slipping

Despite the latter day pullback in the indexes - with the tech and sp' slightly red, the VIX still closed lower.


VIX'60min

VIX, daily, bullish outlook

Summary

Primary target remains 20, 18 now seems likely by the middle of next week. A brief move to 17/16 is possible if sp'1350/60 next Thur/Friday.

More later

Closing Brief - trend remains UP

A strong open gave way to declines once the Bernanke started speaking, then a secondary wave higher..and yet we still closed around the lows of the day. From a chart perspective though, its merely a bull flag that is forming.

I am looking for a move lower to around 1305/1300 tomorrow morning, levelling out, and then everything will be set for 1350/60 later next week. A simple ABC wave'2 up


SP'60min

Sp'60min Fib levels

Dow

IWM

Summary

Pretty clear bull flags on most of the indexes. There is nothing bearish whilst the daily chart is still showing a powerful upwards move.

Its really bizarre how almost paniced the clowns are on two main networks. One hour of declines and they are almost visibly freaking out at the thought of a red close!
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If things look fine tomorrow, I might even go Long for a 2-3 day hold from 1300 to 1340s...if I can stomach it, urghh.

More later

3pm update - baby bull flag?

Well its the closing hour, market holding up very well, 1330/40s can't be far away, certainly we'll surely be there by next Mon/Tuesday.


sp'60min

vix'60min

Summary

So, the market is now a mere 800 dow pts away from the 13300 May'1st high. I'd guess another 350/400 at most..and then...down we go...riding the wave of destruction.

VIX did rally earlier as you can see, but even thats fallen away again, and looks set to close at the low of the day. VIX 18 now seems likely, maybe briefly 17/16 - with sp'1350s.

More after the close, although it seems quiet today 'out there'.