This afternoon at 1428 hours the SPX peaked and reversed. What is significant about this is that the turn from the bottom was at 1327 hours on October 15, giving us 6 market days in between. The grand total is 43 hours and this may be a print high.

What confirms this high is that the VIX did not make a new low. The VIX commonly reverses in front of an SPX reversal. I would not wait for any crossing of supports or resistances, but take immediate action, if in cash, since the market is very thin and may start to move quickly.

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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