Saturday, June 25, 2011

Market Make or Break Time

$VIX is at critical juncture right now, bears watching. It was up 9.3% on Friday (was up 15% at one point) and it in conjunction with market action will determine if we break through the bottom of the support line or if we go up. A turn up here means 1280 ES, a break means back to test 1254, then possibly 1244, then even lower. Those yellow vertical lines are timing bands, a break now would be early relative to those, they usually drag this out for a bit longer.
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