Friday, September 3, 2010

Another turn coming?

Looks like it. I got knocked out of the bus going north, but it looks like I may be able to ride one going the other way, soon. The candlesticks showing up look like tops, and look at the Russell $VIX below, the volatility index is in the bands, and oversold. The chart at top shows the $SPX nearly at a high trendline, offering resistance.

Watch the $VIX's intraday, for an entry point for a short today or Tuesday...

Saturday update:

I am noticing that there are trendlines above that correspond to daily Bollinger Band levels. Those are at about 1300-ish for the $SPX and about 660-ish on the $RUT...we might get up there, and it might be later than Tuesday.

There's also still a chance that whatever top we get may not be a major one, weekly and monthly charts look like we're closer to a bottom then a top on those time frames..

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