Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Thursday, October 2, 2014

VIX Getting Tired, Bulls Getting Ready

Stock Market Technical Analysis

click on image to enlarge

In the market Thursday we saw the third test of the VIX 17.62 level and it quickly reversed and dropped out of its 1.5 week uphill red channel that has been wreaking havoc on the market (shown in the top chart).  This confirms that this level is at least a short term ceiling for the VIX.

In the lower candlestick charts we see that the bulls have plenty to work with on Friday.  We have long tailed Dojis on the S&P, NASDAQ, and QQQ and for the second day in a row we had a shooting star candle printed on the VIX.

Bulls it's your turn at bat, better make it count.

Trade well my friends


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