Wednesday, September 23, 2015

Sept 23 - Selling pressure still weak

Update:  Took 1/3 position XIV a/h.

Even less volume today and VIX is down but we can still go lower.  I'm still flat hopeful for a bounce to reload shorts.  Very mixed data across the board.

The 10 min shows clear consolidation which generally means another leg down.

 But we are oversold on the 1 hr frame and with potential to move up.

Volume has decreased for 3rd time which means that selling pressure is diminishing although we can continue to drift down.
In sum, I'm still thinking retest of lows will happen, just waiting for a better price to go short.  This aimless drifting may continue for a while.

4 comments:

Frank said...

Are you still expecting a bounce back to the 1980 area? Time is running out for bulls before next leg lower.

Greenlander said...

Pretty neutral here. Could go either way imo.

Greenlander said...

The thing that made me close my shorts was that upon the break of the rising wedge, there was no pick up in pace, instead we are drifting down on lighter volume. For sure, next expecting a crash/ big move lower until we go up again.

Greenlander said...

I mean not expecting a crash/big move lower until we work off some bearishness