When you look at the NYSE New Highs - the pattern is to retest the price zone where you see at least 260 New Highs.
We are doing the test of the November buying wave here for a 3rd time.
The pattern has always been: 1. Make new highs 2. Sell off and spike up VIX 3. Make new highs 4. Sell off and spike up VIX
Either way, we didn't get a new high after the January spike up in VIX to over 22 and now that prices are coming back down, it could be giving traders the green light signal to not only exit longs but to establish short positions and go for stops under the lows of January. You can imagine that there are stop orders there and if they get tripped, we could have a dramatic drop back to the 190-184 level.
Earnings season has just started with Alcoa kicking it off - so - either sit back and watch the fireworks or get in there and trade with the rest of us.
Cheers.
Tim 1:04PM Wednesday, January 14, 2015 199.67 last SPY
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