SPX crossed its lower trendline, as suggested, and is beginning to impulse down. There’s no support until it declines to its 50-day moving average at 1635.59. The cluster of supports are tightly positioned and it may take one attempt to break through, as opposed to the supports being widely spaced, forcing a stair-step decline.

The VIX has broken above its Bullish Wedge. This confirms yesterday’s Master Cycle bottom in the VIX. We will be watching closely to see how quickly the VIX breaks through its resistance zones, which curiously have doubled up at 15.24 and 16.31.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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