It could be a simple as the abc illustrated above or it could become something more complicated like a double zigzag. If you go back and look at the close on the above chart you will see that SPY dropped down to the 109.3 area right before the close, then the closed printed 109.79. Immediately after the close it traded down to the 109.2 area again. So the close managed to print right on the dotted blue trend line on the chart above. It is OPEX week after all...
VIX was trickier and ticked up even though the market was up. It bounced off the 20ma again.
BPSPX:CPC is probably the most interesting chart tonight. While the market was up, it was sharply down. This divergence leads me to believe that that the market will turn to the down side very soon.
It could be a simple as the abc illustrated above or it could become something more complicated like a double zigzag. If you go back and look at the close on the above chart you will see that SPY dropped down to the 109.3 area right before the close, then the closed printed 109.79. Immediately after the close it traded down to the 109.2 area again. So the close managed to print right on the dotted blue trend line on the chart above. It is OPEX week after all...
VIX was trickier and ticked up even though the market was up. It bounced off the 20ma again.
BPSPX:CPC is probably the most interesting chart tonight. While the market was up, it was sharply down. This divergence leads me to believe that that the market will turn to the down side very soon.
