S&P 500 waves and trend lines - Still in down channel
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Here is what I got for the S&P 500 over the last few weeks and what I think the next week or two may look like.
I still think there is one more leg down before a small rally. The S&P is still clearly in the down channel and I see a falling wedge pattern. The VIX barely sank at all on Friday given the rally. I would have expected that to drop a lot more if the S&P is ready to pop. You can also see on the RSI that S&P is hitting the resistance line set over the last few weeks. All signs that I am reading as still bearish. Market likes to zig when I think it is about to zag, so it will be interesting to see.
I still think there is one more leg down before a small rally. The S&P is still clearly in the down channel and I see a falling wedge pattern. The VIX barely sank at all on Friday given the rally. I would have expected that to drop a lot more if the S&P is ready to pop. You can also see on the RSI that S&P is hitting the resistance line set over the last few weeks. All signs that I am reading as still bearish. Market likes to zig when I think it is about to zag, so it will be interesting to see.
Ghi chú
Premarket breakout, but it is still within it range of the down channel. Going to be a fun weak one way or the other.Ghi chú
VXX still within my red range during premarket.Ghi chú
Premarket rally just under the 50 day MAGhi chú
Check out this trend lineGhi chú
A bit more looking and then I found this.
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