VXX should open up

The VIX futures had a strong move up after the market closed. the VIX rtfs/etns should open higher. The high volumes also correlate with improving RSI. It is not clear whether the SPX500 will keep falling with increasing volatility going forward. tntsunrise shows a possible rise in the SPX500 to a shorting zone, then a further fall. VXX may be traded in the short zone if that happens. A starting VXX position may be taken here with a stop loss. Check the VIXM chart for a daily RSI approaching 50 in an uptrend per my prior post. Big rises in VIXM requires several days of SPX500 crashing. Note the VIX rtfs/etns usually decline except when the SPX500 is crashing/falling. They are not truly coupled to the VIX but are like fiat currencies.

Comment:

There was a large volume buy of VIX futures right after the market closed yesterday at $14,8. The VIX futures were flat overnight at that support and are trending up now to 15.1. The SPX500 has a head and shoulders pattern on the 1 hour chart and is trending down.