Please migrate to the new site now! Below is my LAST POST to this website!
If you have any questions or concerns about the move, please email Stormchaser80llc@gmail.com
Long Term: Bear Market, targeting SPX <666 by 2022
As you can see above, the internals were slightly weaker today.
I was always going to implement new signals, but the $NYAD/$NYUD issues I talked about yesterday has forced me to make this a higher priority. It will take a bit of time as I am coding indicators from scratch though have some ideas in mind already.
Today’s candle was a spinning top, indicating indecision is at play. While both bulls and bears made a run today, the market closed near the open.
SPX is at the top of the 20 day Bollinger Band. The daily SPX Bollinger band remains quite narrow narrow, the tightest since 19 August (!!!). This suggests the upmove is not the big move we were looking for!
The descending trend in volume since early Feb is another warning sign for bulls (the black crosses are the 20 dma of volume).
Price remains well above the 20 dma. Blue 20dma is still well above the orange 50 dma and we remain above the 100 (red) and 200 (purple) dma. The orange 50 dma is close to crossing the red 100 dma.
SPX continue to test the 2085 pivot and it has not cleared it as of yet.
VIX was slightly lower today, but what is interesting is that is has not made a new low while the market has made a new high during the past few weeks. We continue to see %Bollinger Band continuing its uptrend though it may be testing that. The 140hr $VIX Bollinger Bands have narrowed significantly since early March, which suggests a large move is coming, and not in the current direction of the market. Interestingly, there was an uptick in width an hour or two before the close.
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