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Dr_Roboto

VXX - What's the plan?

iPath Series B S&P 500 VIX Short-Term Futures ETN (AMEX:VXX)  
Dr_Roboto Updated   
AMEX:VXX   iPath Series B S&P 500 VIX Short-Term Futures ETN
Trend Analysis Chart Patterns SPX (S&P 500 Index) VIX CBOE Volatility Index
23
20
trendanalysis chartpattern spx vix
Not really sure where the VXX is headed. The S&P staged a small rally today, but the VXX kind of just hung around oscillating up and down. Usually the VXX drops pretty steadily after it spikes, but not this time. If the S&P was staging a rally I would have expected it to drop much faster. I am leaning towards the S&P continuing on down, but I am getting conflicting signals.

What are your thoughts?
Comment:
I tweaked my NASDAQ trading channel and it looks like it rallied right to the resistance on it. That may be an indicator that we could see a good drop tomorrow, and with it a drop in the S&P and a spike in VXX.
snapshot
Comment:
Wednesday update since this idea seems to be getting a lot of traffic.
snapshot

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