VIX KIX
The VIX rose on Friday to 12.26 and is now about 7% above its 10 day SMA. The question: Is now the time to buy the SPY ETF? I am going to wait for Monday's morning action to guide me, but my guess is we still have some work on the downside. I would like to see the SPY come down to the 129 area and maybe then we get the double signal: VIX (110% above the 10 day SMA) and the 2 day RSI on the SPY below 10.
The Pivot Point for tomorrow is the 130 area and support is 128.8 with second support around 128. The weekly points are the same as the daily points for tomorrow because the range on Friday from high to low exceeded that of the entire week. If one would like more information on the Pivot Points, I recommend "A Complete Guide to Technical Trading Tactics."
posted by DAVID at
12:01 PM
2 Comments:
Hope you really went fishing and actually caught some fish. If not so what - a bad day fishing is far better than any day watching moving averages.
I think we are going up on Monday. A long down day with elevated volume generally precedes an up day. It might continue to go up after that but who knows.
i didn't really go fishing- but it made for a nice picture/story- but maybe some more downside in the AM and then up up and away
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