SVXY is incredibly weak and has still not made a higher high from June! SVXY is the canary and it is singing loudly now.
Yes SVXY is finally ready to make a higher high and when it does...
The Dow has been an embarrassment for the United States. Unlike SPX, the Dow hasn't made a new high yet.
The index was performing poorly and so to try and juice the performance the Dow committee simply changed the composition of the index.
The Dow is price weighted in contrast to SPX which is market cap weighted. So of course what they did in their effort to juice the index was choose high price stocks to add.
VIX was up in August and is now up again in September on Monthly chart. Two months in a row!
The perfect storm is brewing and it is coming this month. SPX has failed at 3,350 and the 50 dma has crumbled.
Hurricanes and wildfires are ravaging both coasts with another hurricane due next week. Conditions are ripe for volatility.
Kodak was awarded a major government loan to produce ingredients for pharmaceuticals, however, the company is under investigation currently. As a result the shares have been in turmoil.
The stock may have reached a better balance. The selling looks flat. May see some higher highs and lows next.