[TVIX] SPX New Local High... TVIX Sideways? New Support Channels
Alright guys another successful day!
But wait... SPX set new highs!? AHHH time to meltdown and unload everything!
Not exactly.
New SPX highs should be followed by new VIX lows and ESPECIALLY 2x TVIX lows in a proper bull market. This has yet to retest May 12th low and is sitting halfway between two major supports and just under the diagonal support and within the middle horizontal support channel.
Do notice that we're quickly approaching the yellow resistance line and wedging into a breakout point, which is really just perfect timing here as it aligns with Thursday and I'm anticipating the market will go south Thursday and Friday on release of devastating fundamental news.
MACD is teasing the trend change, RVI can be an indicator for RSI (RSI shooting up means price is spiking) and it crossed above RSI on May 27th and has since gained some divergence on the one week time scale here.
I guess tomorrow we'll limp to a brand new high with the last Retail FOMO stragglers blowing a bunch of money and hating on us poor data nerd folk before it all comes crashing down.
Happy harvesting!
But wait... SPX set new highs!? AHHH time to meltdown and unload everything!
Not exactly.
New SPX highs should be followed by new VIX lows and ESPECIALLY 2x TVIX lows in a proper bull market. This has yet to retest May 12th low and is sitting halfway between two major supports and just under the diagonal support and within the middle horizontal support channel.
Do notice that we're quickly approaching the yellow resistance line and wedging into a breakout point, which is really just perfect timing here as it aligns with Thursday and I'm anticipating the market will go south Thursday and Friday on release of devastating fundamental news.
MACD is teasing the trend change, RVI can be an indicator for RSI (RSI shooting up means price is spiking) and it crossed above RSI on May 27th and has since gained some divergence on the one week time scale here.
I guess tomorrow we'll limp to a brand new high with the last Retail FOMO stragglers blowing a bunch of money and hating on us poor data nerd folk before it all comes crashing down.
Happy harvesting!
Data analyst with a passion for best fit lines B)
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