Purple line 50sma...
If we close above this, the next resistance will be trendline at 24
Starting to get overbought on the 1 hour chart and 2 hour chart...
Which means unless this is a black swan event we may cool off at 24 until FED minutes...
Personally I don't like being short equities, especially swinging when the vix becomes overbought on 1 hour..
On the day before the last CPI pop the vix was overbought on 1hour and the next day the indexes rallied 3%. Now we're going into the FED minutes overbought.. let's see what happens.
The double bottom pattern has almost fully rounded here
2 things I'll be watching
1.Qqq 260
2. Vix 24
If we close above this, the next resistance will be trendline at 24
Starting to get overbought on the 1 hour chart and 2 hour chart...
Which means unless this is a black swan event we may cool off at 24 until FED minutes...
Personally I don't like being short equities, especially swinging when the vix becomes overbought on 1 hour..
On the day before the last CPI pop the vix was overbought on 1hour and the next day the indexes rallied 3%. Now we're going into the FED minutes overbought.. let's see what happens.
The double bottom pattern has almost fully rounded here
2 things I'll be watching
1.Qqq 260
2. Vix 24
Comment:
This is what I meant when I said the vix was overbought andnthat it would pullback and the market may rally.. CCI indicatior really helps with trading the vix
