SPX could not fill its final open gap at 1844.86. It now appears that it is breaking down. The first support is at 1830.00. If that doesn’t hold, there may be a short bounce at the 50-day moving average at 1810.99. There is nothing but free-fall beneath the 50-day.

VIX is heading for its overhead resistance at 14.71. That level is the buy signal for VIX and the sell signal for SPX. I will try to keep you informed of the change in status.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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