After a very deep retracement, SPX broke through its trendline and appears to be headed for its Broadening Wedge trendline at 1956.00, at the very least. The probability is that it may be more likely to target Intermediate-term support at 1948.16 or the hourly Cycle Bottom support at 1943.55.

It is also probable that the 50-day moving average may be challenged within the next 24 hours. If so, a brief Flash Crash may develop.

An aggressive sell signal will develop at the crossing beneath Short-term support at 1967.52.

VIX broke above its 50-day Moving Average and after a brief consolidation, may be headed for a breakout above its prior peak at 13.23.

The VIX is on an aggressive sell signal with confirmation on the breakout.

The Hi-Lo index remains on a sell signal despite its brief challenge of its mid-Cycle resistance.

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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