Despite briefly dipping below 12, based on this chart interpretation the VIX is still poised for a rather large spike this summer. First trigger would be a move over ~14 then a push through major resistance ~19.50 - 20 would probably see a rapid ramp towards the low 30's.
This would roughly correlate to a 20-30% correction in the SPX.
Watch to see if the VIX can...
Today's price action took AAPL up to confluence of 50% fork resistance, prior pivot from April 2012 of $644 as well as TL extension backtest. Counter trend traders could look to short this area with a stop on a close above $645.
As I noted when I first posted this chart mid April, the 1275 level is a key support for gold. Today that support was busted. Unless bulls can rally gold back over 1275 and close a weekly candle over that figure gold will likely probe last years lows ~1200. My gut tells me that level will not hold (triple bottoms are not usually good lows) and 1050 then 950 comes...
Just how my eyes are seeing this. For me the short term pattern looks bearish with an inverted cup with handle pattern. Also there is a confluence of down trend line resistance as well as Head / Shoulder neckline extension resistance.
Above 1360 this looks more bullish, below 1275 and gold could crash back to for another retest of the 1200 round number.
Classic double bottom with flagging ascending triangle. Breakout on 6 hour candle close above 110. Fib extensions and measured move targets range from 113-119. Likely resistance around 115. This chart looks bullish which indicates potential equity under performance in the near term as well.
Could be a nearterm bounce in order here but overall I believe the third time is the charm for the SPY. At the least a test if the purple 250 period MA seems reasonable but 179 would not surprise me on a wave 1 down and if the that does not hold then 170-172 could happen fast.