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SPY and VIX – August 7, 2019

CHART TIME

I’m watching the $2900 support level on SPY in the coming days. We saw a strong rebound off the lows set on Monday. A move above $2900 would be bullish.

I expect SPY to bounce off $2900 as it will become resistance on the next leg down. What do you think?

spy8719chart

VIX showed a lower high on the current trading day. This is usually indicative of a reversal in the price action. I’m watching the 17 support level for VIX. If we break below that level, the next support level isn’t until 14.

I’m not sure if I’m overly influenced by the news lately, but I think there is still the possibility of VIX popping higher, 50% or more from it’s current levels to it’s highs. This would bring VIX up almost to 30.

I believe that the markets are vulnerable right now, and you should be careful trading out there!

vix8719chart

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Author: Trader Court

CPA first, pivoted to python programmer focused on data science which I apply to my own stock and options trading.

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