Looks like I might have been off by a few days. A new rising wedge formed on SPY with a bit of an overthrow towards the end of Friday.
The VIX daily had a large overthrow out of the bottom of the wedge and closed there. Initially I thought the intraday overthrow would mark the turning point. But its more than likely that Friday was the turning point.
BPSPX:CPC turned sharply upwards. We would need a strong down day or two to flatten it and continued down before the 20ma is going to crack the 50ma. So for now small short positions are warranted, but I would not go large till BPSPX:CPC confirms the down trend.
Looks like I might have been off by a few days. A new rising wedge formed on SPY with a bit of an overthrow towards the end of Friday.
The VIX daily had a large overthrow out of the bottom of the wedge and closed there. Initially I thought the intraday overthrow would mark the turning point. But its more than likely that Friday was the turning point.
BPSPX:CPC turned sharply upwards. We would need a strong down day or two to flatten it and continued down before the 20ma is going to crack the 50ma. So for now small short positions are warranted, but I would not go large till BPSPX:CPC confirms the down trend.
