OPENING TODAY

Its opening day in the bronx but its also time to take a look at the Buy and Sell indicators on some of the ETF'S.

The VIX is now at 12.19 which is about 5% above its 10 day SMA. The general rule is that when the VIX is stretched more than 5% above its 10 day SMA it is not the time to sell stocks.

The readings on the VXO are similar and with yesterday's close of 11.67, it is also about 5% above its 10 day SMA.

The 2 day RSI on the SPY is 31, IWM 14, and the QQQ 27. So we are fairly close to buy signals on these indicators and if today is a down day we may get there.

The Pivot Point on the SPY today is 129.7, First Support is 129.3 and Resistance is 130.15. The Weekly Support area is 128.8 and Weekly Resistance at 131.
Also, if one looks at the SPY chart, it is apparent that the SPY broke out of its range in mid March at the 128 area. It would not surprise me if we retested the 128.5 area and put in a short term bottom there.