So last session we saw the SPX break the neckline of the multi week H&S formation. While this break is not confirmed, the index is under pressure to the downside at the moment.
We see here in the 2 hour chart that, in order for SPX to move higher in the near term, certain momentum changes needs to be realized; both the VI and RSI need to move in a positive direction, and the moving average of the VI needs to make this turn higher, as indicated by the curved arrow line. While the VI trend seems to be trying to move higher in a positive direction, the RSI is not yet confirming.
Thursday session may give us a better idea of the kind of risk appetite that traders are willing to take in to the weekend. Good luck.
We see here in the 2 hour chart that, in order for SPX to move higher in the near term, certain momentum changes needs to be realized; both the VI and RSI need to move in a positive direction, and the moving average of the VI needs to make this turn higher, as indicated by the curved arrow line. While the VI trend seems to be trying to move higher in a positive direction, the RSI is not yet confirming.
Thursday session may give us a better idea of the kind of risk appetite that traders are willing to take in to the weekend. Good luck.