What was obvious in last week's trading, was that both SPX and DJIA indexes reached some technical resistances and promptly retarded downwards.
However, the volumes on the down days last week, did not suggest any panic, even though 4 out of 5 days, these indexes lost grounds.
In fact, VIX remained ~40, give and take. 40 for VIX might have been considered as a "buy" signal in the few years prior to 2008, but now, it would be misguided to think VIX is aggressively indicating Long positions. To me, it is not.
When you review the 2 charts below, I hope to receive your TA reviews as well.
For the following week, I will be more bearish than I would be bullish biased. However, I am also mindful that the upside risks is more imminent than downside ones; to restate it, i mean i expect indexes to stay range bound and go lower....but beyond 1 week...who knows...we will just need to see the price/volume action again next week.
Good luck and HUat HUat !!!
DJIA - Daily Chart
SP500 - Daily Chart
No comments:
Post a Comment