Wednesday, September 16, 2015

Sept 16 - Are we there yet?

The indexes broke through resistance today setting up an even more favorable post OPEX short.  Who knows maybe we do have a V-shaped bottom but we could see a sell the news reaction (no matter what the Fed's decision is) as the bounce has been so strong that any doubt might lead to a reversal.  QQQ to me looks like the best potential short as it has retraced the most and is right underneath a few levels of closely packed resistance.

SPY broke through resistance today.

 VIX showing positive divergence on the hourly but that can continue.


tellzhang said...

thanks for the update. My model's strong resistance at 2000-2013 is very near plus the VIX 240 minutes touched the lower line on my chart. So i think even market could go up a little bit, but eventually it will reverse and go down. The action/purpose for this market is to make sure everybody bullish and forget about the re-test 18xx low..but it will happen.



Greenlander said...

Yup in agreement. I am thinking ideally market goes up or sideways Fri also on OPEX to make more bears capitulate. Would set up a bearish week post OPEX.

tellzhang said...

The problem here is everybody include their grandma knows there will be very bearish next week..

Jan 20 - Equities caution signal, short SPY, NFLX

Call buying has come back and very good chance of a pullback here