VIX Pops Through Construction

Market Thoughts Thursday 8/1/19, The market didn’t much like what Mr. Powel had to say. SPX down 32 points and the DJ-30 down over 300 points. The SPY closed below our $300.00 support line triggering the target which was also hit yesterday $297.00. The next possible support lines we have drawn is at $293.60 and $291.30. Back over $300.00 would barley get the bulls back in the game? If you take a look at the 3-day chart, you can clearly see the Bearish Falling Method in place. I will point this out in the trading room today and how to handle it. Our dark chart shows the SPY has gone bearish on the 15-min and hourly charts, barely hanging on in the 2-hour chart. The 3-bar chart and up the MA’s have not crossed.

The VIX broke out of the construction we have been talking about the week and a half hitting our first target of $16.50. The VIX heating up is a sign there is fear building, based on yesterday's chart and continued bullishness in the VIX we have target levels of $17.40 and $19.30. The T2122 4wk New High/Low Ratio is now at 52 falling from 74 and back below the 34-SMA

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✅ No closed trades yesterday nor any buys. CPB (Option) is up 6.12%m CVS is up 8.19% (Option), GE is down 4.5% (Option), KO is up 4.2% (Option), KSS is up 23% (Option), VXX is down .02 (Option), WBA is up 4.42% (Option) X is down -6.9% (Option), XLF is down 2.5% (Option) If you are interested in trading simple directional options, risking less money and BIGGER rewards send me an email, at contact us Attn: Rick

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