Tuesday, January 26, 2010
S&P Futures Completed 5 Waves Down; VIX About to Issue Buy Signal
Looking at the S&P futures it appears that 5 waves down may have been completed in last night's session. This has come to the forefront after today's market action failed to continue to the downside, the market is now accelerating higher, the AUD/USD structure looks poised for a big rally, and the daily VIX is about close beneath the upper bollinger band and issue a buy signal at today's close. This can all change in a heartbeat as the market is still trading, but I wanted everyone to know that this is what I'm watching today, and that the evidence for the short term is moving toward a bottom being in the stock market, and a corrective rally being underway. The highs of the year should not be broken, but it appears a multi-day/week rally phase could be underway in the short term.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.