VIX DAILY with index line charts tracked below
Interesting Vix Chart showing we could possibly be breaking out of an inverse shoulders right now. The right shoulder that most think is a right shoulder could just be something else. Look at index charts below vix!! If this is the case I would want to take my shorts of here and go long on break of these lines. Long the energy and the tech and get ready for a rally. If we falter here then get ready for that left side to be a possible shoulder!!
5:43 PM
Stock Market Technical Analysis for Ending Day 05/26/09
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Well everybody I hope you guys had a good trading day for toady's upside action I believe was fueled by a short squeeze. Volume was not that impressive today, however we did have certain sectors rally like technology from the apple upgrade and the energy sector. The key level that we must watch now on the S&P 500 is 912. We managed to close right underneath resistance and if that level is broken through tomorrow to the upside, I believe more people will start piling in. If we gap down tomorrow, That level will hold as resistance and then we must focus back on spy 90 then 88. Not much to say about today's action for it caught a lot of people of guard including myself. We bounced off the channels on most daily index charts. So lets see what happens tomorrow!! Thanks
Chris C.
4:30 pm
Well everybody looks like the bulls managed to squeeze everybody out of their short position and run this market up higher. A Lot of people were caught by surprise on this move and that's why we had a massive spike higher. We did have rising prices, but declining volume so we will have to see what happens tomorrow. We didn't manage to reach that 873 level that we were watching on the charts earlier today. We did bounce off that yellow line noted on the chart and rallied hard since then. We no remain under key resistance at 912 which is right underneath the pivot r3. This level will be key going into tomorrow. If we do manage to break above this level, bears will be even more scared and the next level of resistance will be at 923 and then the previous high at 930. Once again the market is taking into account and ignoring all the bad news, for the housing numbers where not good, but they like the consumer numbers. I will have a video out a little later and reevaluate some stuff so we can see where we expect to be going forward.
7:19 am
12:55 am
Well futures have broke below that major 888 level that the street was paying close attention too. Unless it breaks back above that price before tomorrow’s open, which I highly doubt, would leave me to believe that we are still headed lower. Currently as I write, we seem to be consolidating for a next leg down. Just like Idan stated, you want to be paying attention to that 883 level. Based on my look at my charts next support on a break of that level will take us to a triple support at 873 were im pretty sure buyers will step in for a quick scalp on the bounce and shorts will cover for the meantime. So interesting week ahead lets see how it plays out ladies and gents.
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