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.

3 comments:

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.

regards,

Tony

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..