Market now looking to go Bearish
With the massive selloff in the market today and the great setup on the VIX it is looking like this little bull run could now be over.
In my 2 chart pics I have the daily charts of the SPY and the VXX. This looks very obvious that the VXX is ready to spike which will send the market lower.
It is always important when determining where the market is going, to look at the vix. If the vxx is bearish the market is likely bullish, if the vxx is bullish the market will likely be bearish. It will mostly be opposite.
So right now the VXX is setting up very bullish for Friday. I will be mostly looking for bearish setups to trade on Friday for the top stocks and indicess
Now it is also important to view the futures over night because they could easily turn around a rally setting up for a gap up in the SPY the next day.
In my 2 chart pics I have the daily charts of the SPY and the VXX. This looks very obvious that the VXX is ready to spike which will send the market lower.
It is always important when determining where the market is going, to look at the vix. If the vxx is bearish the market is likely bullish, if the vxx is bullish the market will likely be bearish. It will mostly be opposite.
So right now the VXX is setting up very bullish for Friday. I will be mostly looking for bearish setups to trade on Friday for the top stocks and indicess
Now it is also important to view the futures over night because they could easily turn around a rally setting up for a gap up in the SPY the next day.