Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Thursday, February 21, 2013

S&P Closes At Lower Line of Ascension Channel

Stock Market Technical Analysis Blog

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In the market today we had a second day of pullback bringing the S&P back down to the lower line of its narrow ascension channel.  The VIX ran up to its uphill blue channel but then pulled back substantially in the afternoon.  Looking forward to tomorrow it is obviously bearish that the VIX shot up so high when all we did was drop from the upper to the lower channel line but on the other hand it's bullish that the S&P did not breach the lower line of the ascension channel and it is also bullish that the VIX tried to enter the uphill blue channel but failed and pulled back down away from it a great deal.  Everyone will be watching to see if the S&P channel holds and the VIX continues its retreat tomorrow.