VIX at the daily view.
Day 4 since Trading View deleted my trend lines and refuse to restore or own up to it. Trading View's customer service will not help you at all. So, make sure you save a backup copy of your layouts. Because Trading View's customer service is as useless as a permabear/permabull's opinion. I am now in the process of restoring over 60 charts by hand and my sheer memory.
The VIX is currently in ramp up mode. That said, this may likely not be a straight ramp up. I mentioned that the VIX would pullback to crush some VIX longs. It did so this morning. With that said, I did not expect the bounce to rise that fast. Currently, the top green line is now the support. The VIX is at no man's land right now. If I were to make a guess, the VIX would likely make another pullback to shake out the weaker hands first before ramping up more.
What's the issue this time? This VIX spike may not be like in June or September. Why do I say that? In June and September, the ES was overextended and far above all daily moving averages. This time, the ES had most of November to do a correction by time. So, the daily moving averages are much closer below this time. Considering that the VIX spikes from unexpected movement, the ES' closer supports might limit the VIX's potential spike.
That won't stop me from shorting the VIX spike. Liquidity has been going down a little. With the ES not being as overextended like in June and September, I am not confident with a VIX long... without babysitting it all day. That's way too much effort - especially in the situation that I am in. The safer trade would be to wait for the VIX to spike then short the VIX spike when the ES reaches its first major support.
Currently, the VIX is overcrowded with VIX shorts. I would rather wait for the spike when everyone abandons their VIX shorts and try to chase the spike with a long. After all, the VIX doesn't naturally stay elevated over 30.
Day 4 since Trading View deleted my trend lines and refuse to restore or own up to it. Trading View's customer service will not help you at all. So, make sure you save a backup copy of your layouts. Because Trading View's customer service is as useless as a permabear/permabull's opinion. I am now in the process of restoring over 60 charts by hand and my sheer memory.
The VIX is currently in ramp up mode. That said, this may likely not be a straight ramp up. I mentioned that the VIX would pullback to crush some VIX longs. It did so this morning. With that said, I did not expect the bounce to rise that fast. Currently, the top green line is now the support. The VIX is at no man's land right now. If I were to make a guess, the VIX would likely make another pullback to shake out the weaker hands first before ramping up more.
What's the issue this time? This VIX spike may not be like in June or September. Why do I say that? In June and September, the ES was overextended and far above all daily moving averages. This time, the ES had most of November to do a correction by time. So, the daily moving averages are much closer below this time. Considering that the VIX spikes from unexpected movement, the ES' closer supports might limit the VIX's potential spike.
That won't stop me from shorting the VIX spike. Liquidity has been going down a little. With the ES not being as overextended like in June and September, I am not confident with a VIX long... without babysitting it all day. That's way too much effort - especially in the situation that I am in. The safer trade would be to wait for the VIX to spike then short the VIX spike when the ES reaches its first major support.
Currently, the VIX is overcrowded with VIX shorts. I would rather wait for the spike when everyone abandons their VIX shorts and try to chase the spike with a long. After all, the VIX doesn't naturally stay elevated over 30.