It Broke Down, 22nd Sep 2022
🖼 Daily Technical Picture 📈
➤ Equities decided break down but that's not what I'm concerned about. It's the VIX...has it literally broken down❓ 🛠 Apart from spiking to the panic level to 30 (as I define it), it did very little on a big down day.
➤ Perhaps VIX does make sense within the context of the price action. As prices have moved consistently lower, VIX has been elevating in a steady manner and just touched panic levels post FOMC announcement. If we look at the 3 big bearish candles since the 16th August peak, today's candle was the smallest. This contraction in the size of the candle is probably the only good news for the Bulls and is preventing a huge panic move (so far).
➤ We should also note that the recent price gap was essentially closed due to a price spike...I'll stop with the Gap jokes too.
➤ I stayed on the sidelines and look to do so a bit longer given VIX's unconvincing behaviour.
➤ My exposure is currently 0% with no positions. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Price is heading toward support. Will the buyer step in?
➤ Equities decided break down but that's not what I'm concerned about. It's the VIX...has it literally broken down❓ 🛠 Apart from spiking to the panic level to 30 (as I define it), it did very little on a big down day.
➤ Perhaps VIX does make sense within the context of the price action. As prices have moved consistently lower, VIX has been elevating in a steady manner and just touched panic levels post FOMC announcement. If we look at the 3 big bearish candles since the 16th August peak, today's candle was the smallest. This contraction in the size of the candle is probably the only good news for the Bulls and is preventing a huge panic move (so far).
➤ We should also note that the recent price gap was essentially closed due to a price spike...I'll stop with the Gap jokes too.
➤ I stayed on the sidelines and look to do so a bit longer given VIX's unconvincing behaviour.
➤ My exposure is currently 0% with no positions. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Price is heading toward support. Will the buyer step in?
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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