Price can grind higher in the months ahead though as the topping process progresses. The model shows that the topping process will be characterized by whipsaws and chop.
The topping process is shown forming as a double top with completion estimated in the summer of 2017.
Daily Chart
SPX - 2017 Top Detailed Model:
For SPX it would not be a surprise to see a dip for a few days here considering it is at pink midfork resistance. Probably though it'll rise into month-end.
ReplyDeleteThe odds of a drop in March look quite high for SPX.
ReplyDeleteIt looks like a high around the end of February or early March with a low mid-March for SPX.
Deletevix not making much sense here along with uvxy
ReplyDeleteHi SC, are you still looking at picking up XIV around $58-60?
ReplyDeletesc do you still think uvxy is still going to 15 market
ReplyDeletelooks like it will hit 2400 or better your thoughts
Yes, XIV is looking interesting. It is getting close to the mid-channel support.
ReplyDeleteXIV chart is coming.
DeleteSPX is seeing a reaction to the turn date on Feb 22 with a dip. We should still see a higher high. 2400 a week from now looks quite possible.
ReplyDeletesc are we still targeting 15 on uvxy ur thoughts
ReplyDeleteYes, I do.
DeleteI'm interested in UVXY around $15, and also XIV around $58.
Deletei guess we will see uvxy 15 before we will see 58 on xiv your thoughts
DeleteYes, I would think so.
DeleteLooking closely at the model it shows this dip a few bars before the green oval high. SPX should see a higher high early in March ideally.
ReplyDeleteTomorrow may be a high day.
ReplyDeleteDown for months after March 1.
Two more months of up, up with S&P. Vix still has to reach 9.3 eventually.
ReplyDeletewho says the vix has to go that low that might not happen
Deleteit could stop at 10 i have been shorting uvxy on pops
2370 the new bottom. We will be up here for a couple of months. 2420-2370. Very safe and comfortable.
ReplyDelete2350 gap will come into play
DeletePerfect!
ReplyDeleteSC February 24,2017 at 6:25 AM
We should still see a higher high. 2400 a week from now looks quite possible.
i noticed 2400 was hit today and vix is down but not dropping hard where do you feel uvxy will bottom i have been shorting this for the day your thoughts
DeleteThe interesting fact today was that XIV did not pop much relative to SPX. It's a warning for March.
DeleteThere's not much upside but SPX can grind up here. Another week possibly. Uvxy around $16 or $17.
DeleteThere will be a significant drop for SPX into middle of March.
DeleteSo u r expexting drop tp 2300 and back up again
DeleteYes, SPX should be approaching the green oval high on the chart. Drop in March.
Deletein my opinion i believe we could see 2417 to 2425 but its not a guarantee
ReplyDeleteBought XIV at $66.15.
ReplyDeletetarget?
Deletewhy dont u short uvxy instead ur thoughts
ReplyDeleteCould do, but it's also a more complex strategy.
Delete