The weekly chart of UVXY is still quite negative with the 50 average pointing down. So although UVXY is coming off oversold levels on the weekly, it is still likely heading lower. Weekly
'Schumer led a delegation of six senators to China for talks aimed at stabilizing ties following a sharp deterioration in recent years over trade, U.S. support for self-governing Taiwan, human rights and other issues."
SPX has bounced from our 4,250 as anticipated but now it's near the 50 day average at 4,410 which will give resistance during October. In November it can go a little above that before turning down when the government shuts down.
I'll post another UVXY chart with more detail. UVXY possibly can trade a little up but this isn't a strong chart yet. A setup is coming though as this weekly matures as I'll explain.
Israel declared war over the weekend but the market hasn't been impacted.
ReplyDeletePartly the markets have shrugged off this event because it has been an ongoing conflict in Israel over the years.
ReplyDeleteBut it is more serious than that because now the US in addition to supporting Ukraine in it's war is now putting resources towards the war in Israel.
ReplyDeleteMeanwhile:
ReplyDelete'Schumer led a delegation of six senators to China for talks aimed at stabilizing ties following a sharp deterioration in recent years over trade, U.S. support for self-governing Taiwan, human rights and other issues."
The UVXY weekly needs some time to mature.
ReplyDeleteOil continues to look bearish...
ReplyDeleteConfirmed!
ReplyDeleteSCOctober 6, 2023 at 11:45 AM
"SPX target hit this week and looks to be confirming the turn up!"
UVXY weekly in the red...
ReplyDeleteSC.. how high do you expect this bounce the spx to go before it turns back south again?
ReplyDeleteSPX has bounced from our 4,250 as anticipated but now it's near the 50 day average at 4,410 which will give resistance during October. In November it can go a little above that before turning down when the government shuts down.
DeleteWe can have some fun trading volatility next couple of months!
ReplyDeleteRight on time!
ReplyDeleteSCSeptember 27, 2023 at 7:44 AM
"UVXY went up to test 50 average. Next down 2 weeks to full 14 gap."
SPX tested it's gap and dropped
ReplyDeletenope, hanging man on weekly VX candle if it stays here....most likely bigger down move early next week.
ReplyDeleteKUDOS to you. UVIX is heading for north! what's is your price target? Do you believe it will go up until NOV?
DeleteSure traders were anxious about the weekend and markets will be rocky but I'm going to say SPX will rise at least until October month end.
ReplyDeleteFor one thing Israel has called up 300,000 reservists. That will take time time. November looks better for the bears.
ReplyDeleteI'll post another UVXY chart with more detail. UVXY possibly can trade a little up but this isn't a strong chart yet. A setup is coming though as this weekly matures as I'll explain.
ReplyDeleteNew charts posted!
ReplyDelete