60min Chart
UVXY confirmed a breakout. There should be strong support in the $32's, and next week a test of near the turquiose fork at around $38.50 looks likely.
The short term target remains at $43 by or before Oct 10th.
30min Chart
Thursday, September 27, 2012
$SPX - Plunge Update
SPX plunged once it lost support of the yellow fork. It tested near the midfork yesterday, and has some room in price and time for a bounce into this Friday (tomorrow). Next week SPX looks likely to drop below the midfork and test the white trendline short term target.
60min Chart
UVXY confirmed a breakout. There should be strong support in the $32's, and next week a test of near the turquiose fork at around $38.50 looks likely.
The short term target remains at $43 by or before Oct 10th.
30min Chart
60min Chart
UVXY confirmed a breakout. There should be strong support in the $32's, and next week a test of near the turquiose fork at around $38.50 looks likely.
The short term target remains at $43 by or before Oct 10th.
30min Chart
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SC, is today and tomorrow positive for the SPX? When would be a good place to buy some UVXY today/Tomorrow? Thanks
ReplyDeleteYes, today, and tomorrow are positive for SPX. Maybe into Monday but that may be pushing it. We'll see how it looks tomorrow. SPX 1447 to 1454 is the range I am considering for this bounce.
ReplyDelete$32.25-50 is an interesting spot. UVXY needs a couple days to settle imo, but next week looks hot again.
a tag of the 200ma intraday is at 1452 SPX..
ReplyDeleteUVXY retraced lower, and still could see lower over the next few days. Some spots to watch are $30.70, and even $29.90. Even with the retracement, I still see a test of $38.50 area next week. At this point I am holding for $38.50 or so.
ReplyDeleteAlso the $43 target is the same.
DeleteHi SC
DeleteNot sure if this target price was a new or old target. If it is an old target, shouldnt that be lower? consdier the decay?
thanks!
Originally I was looking at the $47 gap area for the UVXY target, but your point is valid. The $43 target already factors in decay since I reduced it from $47 due to decay.
DeleteSo the $43 target is valid imo.
I suspect a weak market tomorrow morning for SPX but a decent close going into the weekend.
ReplyDeleteSerious weakness should hit SPX again early next week imo...
EMINI
ReplyDeleteJust a follow up to Phantom.........I talked yesterday that I was looking for a long entrance today! Posted! Best, joed
http://traderjoed.blogspot.com/
joed, 260% gain year to date, this is unheard of!!! Congratulations. What is your year to year ROI?
Deletethank you.
thanks joed
ReplyDeleteSC, are you adding any UVXY here? looks like a good price...
ReplyDeleteUVXY is trading at the purple fork. I think it may bounce back to $32 area tomorrow.
DeleteOr blow through your purple fork like it has since June
DeleteSC,
DeleteSPX bounced back up stronger than even I anticipated today. Not sure if your cycles picked that up since UVXY dropped below the 32's.
1. Perhaps the better question is do you still see SPX being strong tomorrow after today's strong bounce? That should influence UVXY's direction for tomorrow.
2. Do you still see a strong negative SPX cycle for next week which should benefit UVXY accordingly?
Tks in advance.
****Important chart coming for UVXY***
ReplyDeletelets see that chart...
ReplyDelete****New chart and comments are posted above****
ReplyDelete