SPX chart update. Are we at the bottom yet?
Hi everyone,
Wild ride on the markets continues.
VIX has stayed around 30 the past couple of days and moves in both directons were extremely aggressive.
We have stayed in the negative gamma zone for the past 6 days and it is not unwinding just yet. That means there are even more extreme moves ahead of us.
Untill we see a decent rally and VIX crush to 20s, options will remain to be very expensive.
As for the levels:
4232 - has been visited with a swift bounce afterwards.
4278-4319 - area is tact and continues to be a good support.
4373-4390 - ignored on the daily timeframe due to magnitude of the moves.
4400 - pure psychological level with tons of volume.
4437 - failed to hold, will be a resistence level.
4496-4529 - next big target once 4437 is taken.
Daily RSI is still in the negative zone, which means we have yet to see a strong daily close. RSI usually does not stay in the negative for too long.
Please let me know what you think of our current market climate.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
Wild ride on the markets continues.
VIX has stayed around 30 the past couple of days and moves in both directons were extremely aggressive.
We have stayed in the negative gamma zone for the past 6 days and it is not unwinding just yet. That means there are even more extreme moves ahead of us.
Untill we see a decent rally and VIX crush to 20s, options will remain to be very expensive.
As for the levels:
4232 - has been visited with a swift bounce afterwards.
4278-4319 - area is tact and continues to be a good support.
4373-4390 - ignored on the daily timeframe due to magnitude of the moves.
4400 - pure psychological level with tons of volume.
4437 - failed to hold, will be a resistence level.
4496-4529 - next big target once 4437 is taken.
Daily RSI is still in the negative zone, which means we have yet to see a strong daily close. RSI usually does not stay in the negative for too long.
Please let me know what you think of our current market climate.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
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