VIX Finding Support
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VIX ran out of juice this morning. It's no surprise. VIX just broke its previous wedge for a new pattern. Currently, VIX is back to its former upward channel from days ago. At the same time, it formed a new long-term wedge.
The dotted lines are the upward channel. The dashed lines are the long-term wedge. The dashed lines were from February and early March.
VIX is currently finding support below. Either it will find support at the bottom of its upward channel or its tried and true support at the bottom of the wedge.
Judging by the weak breadth of stocks (since FATMANG stocks own the ES), I would lean that it's in the upward channel. Why? Because very weak breadth of stocks causes failed breakouts.
In order for breakouts to sustain with just 7 stocks holding the ES/NQ together, either 1) everything is going perfect with all 7 companies of FATMANG. No pullbacks at all or 2) the financials and transportation sectors recover and sustain their rally too.
If you're a volatility trader, you welcome this type of instability. There would be multiple chances to trade the VIX ahead.
The dotted lines are the upward channel. The dashed lines are the long-term wedge. The dashed lines were from February and early March.
VIX is currently finding support below. Either it will find support at the bottom of its upward channel or its tried and true support at the bottom of the wedge.
Judging by the weak breadth of stocks (since FATMANG stocks own the ES), I would lean that it's in the upward channel. Why? Because very weak breadth of stocks causes failed breakouts.
In order for breakouts to sustain with just 7 stocks holding the ES/NQ together, either 1) everything is going perfect with all 7 companies of FATMANG. No pullbacks at all or 2) the financials and transportation sectors recover and sustain their rally too.
If you're a volatility trader, you welcome this type of instability. There would be multiple chances to trade the VIX ahead.
评论
Here is the crazy part. I had a "Tin Foil Hat" Theory back in June that TVIX was being delisted right before more volatility enters the market. It's so Credit Suisse won't have to do so much work for the possibility of losing profits with TVIX.TVIX was delisted on July 12th. That was 1 day before the reversal yesterday and VIX broke out of its wedge.
Those b******s knew.
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