Charts I’m Watching: Nov 16, 2017

Stocks had a nice move yesterday, making new lows before VIX and USDJPY prompted a 20-pt bounce (many hours before WMT’s earnings were announced.)

In the process, we scored a nice win with VIX — which slightly exceeded our target (14.51 vs 14) before crashing back down — as well as with our short on RB.

The big question remains whether or not the H&S Pattern in ES/SPX will be allowed to play out. Is this just a bounce on the way lower, or yet another dashed correction?

SPX closed below its neckline, a bearish move. But, last night’s futures action took ES back above its neckline, a bullish development. Yet more proof that trading the drivers of the algos has become much easier than trading the equities themselves.

continued for members


Sorry, this content is for members only.

Click here to get access.


Already a member? Login below

Remember me (for 2 weeks)

Forgot Password