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Support, highlighted in this post yesterday (see post here) remains in play (2). At the same time, falling channel resistance along line (1) is at hand right now. No matter what the global news happens to be, these key support and resistance levels HAVE NOT BEEN BROKEN!
Now a “Bearish descending triangle” at (4) is taking shape. Keeping SH position and am going to bring down the stop on SH to 1,192, was 1,211. Will lock in gain, should the 500 index break the top of the descending triangle. Should support give way, per the descending triangle, 1,130 could be tested in quick order.
Pete,
Sorry the comments section isn’t as fast as it used to be. I am getting hit with over 100 spam comments a day. Forced me to set up a silly filter that I don’t like fooling with, yet appears that I have too for now…when the new members site goes up, the spam WILL NOT make it there!
Thanks, Chris, for your feedback.
Mihai…Thanks for the comment and the number you shared.
Thank you PJK! Very kind of you to say that!!!
Chris, I enjoy your work. It really gives me a track to run on! I appreciate your hard work! Thanks,
PJK
Correct analysis but the support for S&P 500 is lower @ 1,131.69 – where the previous resistance was.
Pete….VXX should, but doesn’t track VIX very well. Only on select situations should we own VXX. For the majority of the time, I feel it tracks poorly.
With that said, if resistance holds for the VIX, VXX would be at a high point right now. Can’t share enough how key I feel the price of the dollar is currently, up against a key fib level and resistance! If history is a guide, a dollar decline would see stocks and commodities move higher for a while.
With falling VIX at (1), where does that leave VXX in the equation?