Stocks gapped up this morning,
with the SPX continuing the "banded back and forth chop" this time
rising to challenge its 50 Day Moving Average at 4013.83, at the upper resistance point of the trading band.
A couple of bullish "technical indicator " signals
supporting those looking to "buy into" today's rally.
1.KST INDICATOR has "Crossed"
on a negative reading creating a "Double Bottom Buy Signal",
which is short term bullish, and IS supporting the rally.
2. Perhaps more notable
the VIX this morning has gapped down thru 20
it's "fear"important support level , trading at 19.14 Last
This breakdown in volatility IS short term bullish for the market.
However, today's rally comes on "diminishing volume " ( ie short covering)
which has been seen over the last several trading days,
so buyers should be very careful entering "buy orders at the top of the trading band."
TREND POSITION
REVERTS TO
"NEUTRAL"
NOTE : A BREAKOUT AND CLOSE ABOVE SPX 4015 WOULD BE BULLISH.
SPX NOON EDT OPEN
4014.14
THE_UNWIND
WOODS OF CONNECTICUT
with the SPX continuing the "banded back and forth chop" this time
rising to challenge its 50 Day Moving Average at 4013.83, at the upper resistance point of the trading band.
A couple of bullish "technical indicator " signals
supporting those looking to "buy into" today's rally.
1.KST INDICATOR has "Crossed"
on a negative reading creating a "Double Bottom Buy Signal",
which is short term bullish, and IS supporting the rally.
2. Perhaps more notable
the VIX this morning has gapped down thru 20
it's "fear"important support level , trading at 19.14 Last
This breakdown in volatility IS short term bullish for the market.
However, today's rally comes on "diminishing volume " ( ie short covering)
which has been seen over the last several trading days,
so buyers should be very careful entering "buy orders at the top of the trading band."
TREND POSITION
REVERTS TO
"NEUTRAL"
NOTE : A BREAKOUT AND CLOSE ABOVE SPX 4015 WOULD BE BULLISH.
SPX NOON EDT OPEN
4014.14
THE_UNWIND
WOODS OF CONNECTICUT