Stocks got hit with some selling pressure at the open and the VIX spiked after already exhibiting oversold for a while (green paint bars in chart). The VIX spike and solid close above the signal line confirms a stock market sell signal is in place. Technically, it still has about 3 minutes before the bar closes and officially confirms the signal, but it's far enough off the signal line that I'm confident it will hold.
This is a 30min chart, so the pull back in stocks should be 20+ points. If the market ignores the signal in the short term and continues higher, I'm sure larger time frame VIX stock market sell signals will confirm as well. And I'll post them here as they hit. Either way, get ready for a short term pullback of 20+ within the next 2 days.
Please support the blog and like this post :-)
PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
No comments:
Post a Comment