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Strategies & Market Trends : John Pitera's Market Laboratory
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Don Green
To: The Ox who wrote (19646)2/22/2018 11:57:31 AM
From: The Ox1 Recommendation  Read Replies (1) of 33421
 
VIX remains very high as seen in this VXX chart. Looks too elevated and appears likely to be plenty of fuel for the markets to go higher, IMO... Implications are that many have turned very bearish in a short period of time.

Obviously, until a new breakout is made above the old high(s) in SPY, QQQ, etc... cautious approach to the market is wise. 2745 is the 61.8% fibo area from the recent fall in /ES, so we are still in the middle of the muck, so to speak.

While we are in "no man's land", it's important to look at all sides bull/bear/neutral. Plenty of overhead resistance in the 2nd chart.





Interesting to see where both DJI and SPX are within these longer term pitchforks originally posted nearly a year ago by Chip M:

Message 31207354


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