Stock Market SPX Double Top
Stock-Markets / Stock Markets 2014 Feb 22, 2014 - 03:21 PM GMTThis morning heavy gusts of wind (50-60 mph) came through and knocked out power, phones and internet. We were only restored around 2:30 and there was much to do while getting back online.
SPX is set up for a potential gap down on Monday. There is a run on at least one Russian bank and it appears that the Ukraine is on the verge of collapse. Pray that the truce holds over the weekend, because it if doesn’t, what began as demonstrations for basic human rights may turn into a civil war and may foment ill will between Russia and the U.S.
VIX closed beneath the daily mid-Cycle resistance at 14.72 but above the 50-day moving average at 14.63, so you could say that the buy (SPX sell) signal has become a bit tentative. However, VIX did not close the lower gap from the previous rally. That is a good sign that the correction is over.
Regards,
Tony
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