Charts I’m Watching: May 30, 2017

The 46-pt rally off our downside target on the 18th (2352.72 vs 2354.15) has left SPX with some interesting options. More importantly, it makes an important statement about shifting algo influences — leading to some (IMO) mistaken notions regarding the FOMC’s next steps.While the USD bounced nicely where expected, the fireworks are far from over … continue reading →

The Melt Up Continues

Not even the threat of selling off half the Strategic Petroleum Reserve has been able to dent CL’s algo-inspiring price action. With help from VIX, it has been able to squeeze another few points out of the futures, which are currently up 4 points.  Our next upside target is just overhead.  Will we get the … continue reading →

Is It Over?

It depends.  Do you feel safe with a faltering ramp in WTI and slump in VIX holding back the selling pressure generated by a falling dollar complex? SPX made a nice recovery yesterday, setting up some potentially bullish patterns but failing to follow through on them.  Some of those patterns have been under assault overnight, … continue reading →

It’s War!

Back on April 25, I posted “How Broken is the Market?” and included the following VIX graphs.  The first showed a long-term channel (below, in yellow) the bottom of which was occasionally tagged in times of extreme complacency.  Each instance was followed by a correction.I contrasted it with a chart of the same channel which, … continue reading →