VXXB: Get Ready for Some Action
TECHNICALLY PERFECT
The VIX ETF has just formed a perfect H&S pattern (see chart)
- Broke neckline to the downside at c. $38
- Bottomed yesterday nearly exactly at the price target of $31.75
- Rebounded yesterday in good volume after hitting the target
- Looking up this morning, seems wants to continue to rebound
In addition, most tech indicators seem to have bottomed and could be turning
FUNDAMENTALLY SYNCHRONISED
Incidentally, the top of the head corresponded with the Dec 25 market low
Since that date, the VIX has been falling as the market rallied
With the SPX up 11.5% this year, cool down time might be upon us
Jay Powell’s testimony today and tomorrow should bring additional uncertainty
ACTION TIME?
There is no certainty, only trial and error… However:
- Time to go long VXXB (trial) with a tight stop at the recent low (error)
- All the while, protect existing long positions with tight stop losses
The VIX ETF has just formed a perfect H&S pattern (see chart)
- Broke neckline to the downside at c. $38
- Bottomed yesterday nearly exactly at the price target of $31.75
- Rebounded yesterday in good volume after hitting the target
- Looking up this morning, seems wants to continue to rebound
In addition, most tech indicators seem to have bottomed and could be turning
FUNDAMENTALLY SYNCHRONISED
Incidentally, the top of the head corresponded with the Dec 25 market low
Since that date, the VIX has been falling as the market rallied
With the SPX up 11.5% this year, cool down time might be upon us
Jay Powell’s testimony today and tomorrow should bring additional uncertainty
ACTION TIME?
There is no certainty, only trial and error… However:
- Time to go long VXXB (trial) with a tight stop at the recent low (error)
- All the while, protect existing long positions with tight stop losses
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