Confirmation of Major Market Bottom: Clean Bottom in June plus a retest today that corresponds with extremely oversold conditions by most metrics, Tech @ Long-Term Support & Rates and USD extremely overbought-
June Bottom- Volume Spike @ low of positive px action on the SPX, with the VIX vol Spike on Negative Px action- Both confirmed with follow thru px action following weeks.
Retest: Long way to go today but a close on SPX Greater than 50%(~3650.50 atm) of todays range combined with a close Less than 50% of todays range on the VIX(~32.80 atm), creates a strong probability of a bounce which could turn into a major market bottom Odds get better if we get a volume spike as well today.
Conclusion: Great spot to get Long risk assets for investors of with a time Horizon longer than 1 day.
June Bottom- Volume Spike @ low of positive px action on the SPX, with the VIX vol Spike on Negative Px action- Both confirmed with follow thru px action following weeks.
Retest: Long way to go today but a close on SPX Greater than 50%(~3650.50 atm) of todays range combined with a close Less than 50% of todays range on the VIX(~32.80 atm), creates a strong probability of a bounce which could turn into a major market bottom Odds get better if we get a volume spike as well today.
Conclusion: Great spot to get Long risk assets for investors of with a time Horizon longer than 1 day.
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