Charts I’m Watching: Aug 21, 2014

The “market” is holding its cards close to the vest today, with everything poised to break out…just not doing it yet. ZN broke and is holding below the TL we identified a couple of days ago.  And, VIX is channeling lower, backtesting the support we discussed yesterday.

 

2014-08-21-VIX + ZN 0650

 

USDJPY, in particular, isn’t contributing to the bullishness in the short run.  As SPX comes up on its double top, remember that these patterns are not terribly reliable in an unrigged market.  In this one, we should be especially wary.

GLTA.

UPDATE: 10:05 AM

Keep an eye on VIX, lots of games being played today.

2014-08-21 VIX 1 min 0700

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