As I've posted in summary form at my UBTNB3 blogspot, this afternoon's strength is an indication that the markets are not yet ready for a turn, even though this morning's weakness is an early clue that our Fibonacci levels (which I discussed earlier today) may be operating. It is possible with Fibonacci based patterns for price to overshoot the price level, remain there for a day, and then a turn back is what must be watched or can become a signal. Given the strength this afternoon, tomorrow may fit that description, and Thursday we look to see whether or not the market gives a more significant reaction. Today is the 4th day in a row when VIX has sold off during the day to close lower than its open. This raises the possibility that VIX may spend the full day tomorrow under 24.78, and then only Thursday do we see if it moves up for a trigger buy.
Reverse looking probable now for $COMPQ at 1912, and maybe this also means SPX will get to 961 after all.
The banks, if BKX gets support between 34 and 35, might become a buy, or otherwise obviously if they lose support then lower levels come into focus for that sector. The BKX is also trying to see if 20 dma can become its support level.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment