2HR Chart
At this point I do not believe that we will get a sell off before the end of the year. I know that usually happens for tax purposes but I have an alternative theory. I think a lot of people will not sell until after the 1st due to not wanting to have Obamas high tax rate affect them versus Trumps tax cuts next year. I think it will be difficult to get past the 2285 area as I just don't think it will break above the long term channel line. Tomorrow may show us the way as it appears we are in an ABCDE bull pennant. And the way it is set up suggests that the break out of that pennant will be a short lived push up. I am not sure about the holiday trading days but I will be trying to figure out a good entry for a short term trade on the VIX.
At this point I do not believe that we will get a sell off before the end of the year. I know that usually happens for tax purposes but I have an alternative theory. I think a lot of people will not sell until after the 1st due to not wanting to have Obamas high tax rate affect them versus Trumps tax cuts next year. I think it will be difficult to get past the 2285 area as I just don't think it will break above the long term channel line. Tomorrow may show us the way as it appears we are in an ABCDE bull pennant. And the way it is set up suggests that the break out of that pennant will be a short lived push up. I am not sure about the holiday trading days but I will be trying to figure out a good entry for a short term trade on the VIX.