Stock Market Technical Analysis Blog
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In the market today participants grew more weary of the fiscal cliff situation as both the Nasdaq and VIX climbed today while AAPL sagged a little more. Tonight I would like step back a little and look at the Weekly charts of six indexes with the Sentiment EMAs applied. In the top row, Nasdaq-S&P-Dow, are all three starting a smooth orderly movement higher. In the bottom row, the UUP (Dollar Index) and the TLT (Bond Index) are both turning downward inverse of the stock indexes in the top row as they should be. The odd duck tonight is the VIX where we see that it has actually been climbing the past couple of weeks even as the stock indexes climbed which normally never happens. What we're seeing is the elevated level of fear across the board starting to grip the market as we're still not seeing a fiscal cliff deal materialize. It's possible the VIX may climb right along with the market indexes for the next couple of weeks as the market truly enters uncharted waters.
Alan
