I was traveling today when all the market excitement was happening — no computer, not even a radio until shortly before the close. Later, after sifting through my email, I discovered this chart sent by Chris Kimble around mid-day when the S&P 500 was at 1155 and the VIX at 26.53. I've placed X's on the chart to indicate the closing numbers. Chris's comment: "Once the VIX broke this resistance, the 500 index went into a "waterfall pattern."
Another email from Chris — no chart attached — had the following:
Conditions that might cause one to ponder (Joe Friday from the Dragnet show would often say "just the facts!")
Fibonacci 61.8% — markets came within 2% of hitting this resistance
50-day EMA lines are breaking in the major averages
Nasdaq/VXN two weeks ago the biggest spread in 10 years (lack of fear)
Rising wedges, drawn of the March 2009 lows, breaking lower support
Bond yields are breaking support (move the opposite of stocks often)
Copper Breaking down
Multi-year "head and shoulders" in oil stocks possible
Multi-year rising wedge in Crude oil breaking support
Bank Preferred ETF (PFF) is breaking down hard
High Yield ETF's (HYG & JNK) breaking moving averages
I was traveling today when all the market excitement was happening — no computer, not even a radio until shortly before the close. Later, after sifting through my email, I discovered this chart sent by Chris Kimble around mid-day when the S&P 500 was at 1155 and the VIX at 26.53. I've placed X's on the chart to indicate the closing numbers. Chris's comment: "Once the VIX broke this resistance, the 500 index went into a "waterfall pattern."
