Important Level for $SPX & $VIX, Not that Pessimistic?!
$S&P 500(.SPX)$ 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 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 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 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 X
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@Prof_heist: ” $Invesco QQQ(QQQ)$ #Nasdaq $460 is do or die level. “
--> 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.