Start of Stock Market Third Wave
Stock-Markets / Stock Markets 2015 Aug 26, 2015 - 12:45 PM GMTSPX nearly took out SPX’s Monday morning lows by mere ticks. This doesn’t bode well for the overnight session. It appears that wave [iii] of 3 or C has begun.
Potentially bad news out of China may set the stage for a much larger sell-off both in China and in the US.
VIX didn’t get back to yesterday’s close, but the VIX ETFs sure did. It appears that most of the “hedging” was done yesterday. However, it appears that it may resume as the sell-off in stocks regain their momentum. VIX is clearly on a confirmed sell signal.
The Hi-Lo caused some concern at the open. The likelihood is that there was massive E-mini and SPY buying that lifted the whole index at once, rather than individual stock pickers. However, it was the close of the day that was important, since its fell back beneath the 50-day Moving Average at -143.40.
Regards,
Tony
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