Important Level for $SPX & $VIX, Not that Pessimistic?!

TechnicalHunter
07-25

$S&P 500(.SPX)$ Heisenberg's Chart Update:

What a day today huh?! First 2% drop close in god knows how long. Anyhow, we look forward bretherns! I can see a small mini reprieve bounce near term here.

And then we trek further lower to fill that 5,375 gap fill, causing the Daily RSI to hit oversold conditions similarly to April's 5% correction.

Heisenberg on XHeisenberg on X

Seth Golden: VIX has signaled a RISK-OFF event when 10-Day ROC crosses 40.

Historically, this has proven a $S&P 500(.SPX)$ BUY signal with forward 3 and 6-month positivity rates 84% and 91% respectively. If you have 3-6 months and cash...

Seth Golden on XSeth Golden on X

@TRIGGER TRADES : Watch for the 5467-5474-5496 area to act as resistance to produce another leg down.

As warned, $S&P 500(.SPX)$ sold the rally perfectly at 5586 resistance & already reached the 5445 target!

We are now near the 100% ext, so price is vulnerable to a 4th wave bounce, but the next rally is also expected to be sold.
$SPDR S&P 500 ETF Trust(SPY)$ , $E-mini S&P 500 - main 2409(ESmain)$ , $E-mini Nasdaq 100 - main 2409(NQmain)$

TRIGGER TRADES on XTRIGGER TRADES on X

@satymahajan: Gap below on $SPX ~5410 to 5375 to watch for support and a bounce.

If we lose that, I think we will likely see a Weekly 21 mean reversion similar to April. $Cboe Volatility Index(VIX)$ is key.

satymahajan on Xsatymahajan on X

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The S&P 500 dropped 2.95%, its worst single-day fall since March 2020. 😱 πŸ‘€ What’s your next move? Cash out and enjoy the holidays? πŸŽ„ Or see this as a golden buying opportunity for 2024? πŸ’° Describe how you feel about your portfolio today with an emoji, a picture, or just one sentence! 🎭
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Comments

  • TrendSpider
    07-25
    TrendSpider

    @Prof_heist: ” $Invesco QQQ(QQQ)$ #Nasdaq $460 is do or die level. β€œ

    --> May resistance turned support

    --> AWAP from April lows

    --> 50% Fib retracement Market is already 8% off the highs and today was a nice much needed flush.

    Called $500 the top literally a month ago, now calling this $460 as one to pay attention to.

    ImageImage

  • KSR
    07-26
    KSR
    πŸ‘
  • MosesMoses
    07-25
    MosesMoses
    Nice analysis
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