A reasonable pullback will continue, we broke down resistance and ended around the second support of 980 area, I think we could possibly test 950 - 890 range before a real rebound so should take your profit as soon as possible and either hold on to your cash or load on some hedges like FAZ, EDZ, SRS, SPY, BGZ. Vix broke out of the downward slope resistance, and closed above it, note this is the first time VIX decisively closed above that line so could signal some significant rebound in the VIX, well nothing is a sure thing but let the market tell us whats going to happen.
A breach through the
31-32 range would be devastating for the market. Note the huge white candle close above the the downward resistance in almost 6 month.
Check out multiple resistance coming our way(gap fill), looks like testing 950 or even lower could be possible.
A short term top seems to be forming for institution accumulation.
In my opinion if we do get a minor rebound tomorrow or late this week, is time to built some short positions and let go of your longs.
No comments:
Post a Comment