So here is an easy ta for SPX 500 compared with VIX:
Last days bulls bounced off from 50 SMA (3206) and now try to break 3240 resistance. So range we moved last weeks is from 3000 as very important support to 3240.
I guess next weeks could be important because there bulls and bears will decide, if the double top pattern is finally finished or failed.
Furhtermore, RSI and MACD showing overbought signals and as well, there is divergence between trend up in SPX and trend down in RSI.
Please watch VIX and SPX on 8 th of June: Both are rising up which is a very rare signal and next move was a big red candle down to 3000 support. This happend on 26 support on vix. Other support on VIx was formed last days on 27.
All together: If SPX could get over 3240 and hold this next move is open to ATH. If SPX will bounce off again take care for 3000 support. Everything under this support will finish the double top pattern.
Volume is normal.
For all swingtraders- its your time, I think.
Good luck for your trading :)
Last days bulls bounced off from 50 SMA (3206) and now try to break 3240 resistance. So range we moved last weeks is from 3000 as very important support to 3240.
I guess next weeks could be important because there bulls and bears will decide, if the double top pattern is finally finished or failed.
Furhtermore, RSI and MACD showing overbought signals and as well, there is divergence between trend up in SPX and trend down in RSI.
Please watch VIX and SPX on 8 th of June: Both are rising up which is a very rare signal and next move was a big red candle down to 3000 support. This happend on 26 support on vix. Other support on VIx was formed last days on 27.
All together: If SPX could get over 3240 and hold this next move is open to ATH. If SPX will bounce off again take care for 3000 support. Everything under this support will finish the double top pattern.
Volume is normal.
For all swingtraders- its your time, I think.
Good luck for your trading :)