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How my SPX weekly and monthly charts are looking now. I must need a new pair of glasses, LOL, that Fib on the weekly, is it at 953 or 963? I think it is saying 963 but then I cannot use it to the exact dollar/penny; the general point is that it is a .382 retrace to when SPX had tested up to 1440. Which is why I am thinking of it in case this still turns out to be a wave 4, although Tony's thinking wave B and that's a fine number for a B wave too. Tony's got a pivot at 961 and perhaps that's how he derives it, or can be a different source, I don't know, but it works for me. Tony's saying last week's high already tested that and that can work for me too - will see whether or not we get a pop to get a bit higher and actually land on 963. Difficult to see how that happens this week, so we will have to see whether or not the Bradley mid-July date gets us there. Yesterday's action gave us a weekly swing high by digging under last week's low, which becomes a bearish marker so long as it remains in place.
[Yesterday I mentioned that the SPX and many indices dropped neatly to the 20-day moving average (MA). Just in case anyone didn't notice, as I also posted the SPX and QQQQ's daily charts at UBTNB3, these two are actually still above their 200-day MA's so the nail isn't hammered in on those yet.]
The Armstrong date has come and long gone, and the VIX has still not gotten back above that 33.81. Maybe Bill Luby (of "VIX and More", see link in "other sites of interest" at the right side of the page - I'm referring to an article Bill Luby posted at SeekingAlpha some weeks ago) is right and VIX goes into a "plateau". Or maybe it just wants to allow the market to finish off a wave 4 or wave B high and then it moves more. For now, VIX may stall at the trendline (t/l) that I marked and showed yesterday, so it still needs to get above that t/l for a more significant VIX pop!
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