SPX500 SPY S&P500 Support NOW 203 @75% VIX Retracement
See my previous charts on this phenomena.
Buyers that stabilize VIX are long term in nature and after the market rallies beyond where those buyers accumulated shares, it has ALWAYS come back to retest and that's what we are doing here today.
The 75% retracement off of the high spike in vix to 50 is where we are pulling back to. There is a 2ndary spike in VIX to just over 28 in late September on the retest created another support level at the 199 level, or another 1.5% lower.
This is a PHENOMENA I have found thanks to the powerful charting here at TradingView.
Risk on long positions from here = 3 average ranges. Target 3 average true ranges. Use 11 day average true range on a daily basis. Use the ATR indicator here to pull up the information.
Tim
3:44PM EST 11/13/2015 202.68 last SPY -2.16
Buyers that stabilize VIX are long term in nature and after the market rallies beyond where those buyers accumulated shares, it has ALWAYS come back to retest and that's what we are doing here today.
The 75% retracement off of the high spike in vix to 50 is where we are pulling back to. There is a 2ndary spike in VIX to just over 28 in late September on the retest created another support level at the 199 level, or another 1.5% lower.
This is a PHENOMENA I have found thanks to the powerful charting here at TradingView.
Risk on long positions from here = 3 average ranges. Target 3 average true ranges. Use 11 day average true range on a daily basis. Use the ATR indicator here to pull up the information.
Tim
3:44PM EST 11/13/2015 202.68 last SPY -2.16
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