S&P 500 waves and trend lines - Still in down channel
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.
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Premarket breakout, but it is still within it range of the down channel. Going to be a fun weak one way or the other.
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VXX still within my red range during premarket.
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Premarket rally just under the 50 day MA
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Check out this trend line
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A bit more looking and then I found this.
