Charts I’m Watching: Aug 24, 2023

Futures have broken out on a new VIX “breakdown” and the runup in NVDA shares – now the 4th largest component of the S&P500.This seems off to us, as Powell is likely to come out more hawkish than expected in his Jackson Hole comments. continued for members… … continue reading →

Earnings Suddenly Matter

Futures are off about 30 points on disappointing earnings from stocks such as TSLA, AXP, KEY, etc. and a continuing slump in oil and gas. VIX is even popping as we approach the open. If it holds, the rollover in equities will have officially begun. continued for members… … continue reading →

VIX Sliding Away

Seemingly on a rail, VIX’s bump took it only to the top of the falling red channel in place for over a month. A failure to break out means ES can top its 361.8 Fib extension and reach its IH&S targets. continued for members… … continue reading →

OPEX Strikes Again

Futures are up sharply… …as VIX is being crushed in order to provide cover for about $2 trillion in options expiring today. We’ve been seeing this all week, with multiple downturns reversed by late-session assaults on VIX even as earnings and economic data have argued for lower stock prices. Chase this rally at your own … continue reading →