Rounding up the usual suspects: S&P 500 and VIX support/resistance

Having looked at McClellan data in the prior post, let's review technical indicators and support/resistance levels in the S&P 500 and the VIX. While CCI remains just above 100, StochRSI shows negative divergence. I've drawn chart support/resistance lines too; and the SPX is very close to my 953 as the next Fibonacci retrace level. A minor one at 942 was where the market blinked - let's see if 953 has a stronger effect. Another inconvenient fact: both the Dow industrials and tranports remain under their January highs! (And struggling with 200 dma resistance.)

As for the VIX - I already posted my daily chart of VIX along with a variety of other sentiment measures in a post here yesterday after the close. So below I've provided my weekly VIX chart, with this view going back 8 years. VIX actually did rebound up from that uptrending support line I marked onto it (it's been there for a long time), when VIX touched 26.57 intraday last week. The weekly chart's indicators haven't crossed into bullish mode, but VIX was digging along its lower Bollinger Band and has shown some divergence by only making a higher low when the SPX made higher highs this week. So stay tuned on how VIX is looking not just on the daily but also the weekly chart. If the VIX gets support at that relatively steep uptrend line and then pushes back above that almost-horizontal support/resistance line, along with the BB midline and moving averages on the daily and weekly - and the weekly chart's indicators kick into bullish mode - that would all form a much more bearish picture for equities.



*UPDATE, 6:02 PM - Adding the SPX weekly and the DJIA and TRAN daily charts, below. My trendlines on the SPX weekly are not as precise as those Andre Gratian traces, so the main purpose is that you can see those Fibonacci levels and the indicators (if you can peer past the various markings on my working chart of SPX weekly) - click any image to see it larger: