Thursday, August 30, 2012

SPX Update: Zzzzzzzz... for SPX -- but Not for VIX

Thankfully, there's been no material change yet again (I say "thankfully," since I spent the majority of the day and night dealing with pressing personal issues).  Though the alternate count can't be ruled out yet, I'm still sticking with the preferred count, which continues to believe the top is in -- largely because of the sheer number of top signals that fired off heading into that turn.

Also interesting to note that VIX has been up strongly in recent days while SPX has flatlined.  This is often seen at market tops.


The updated 30-minute chart looks pretty much the same as yesterday's chart. In fact, I would have simply reprinted yesterday's chart (because I doubt anyone would have noticed), but I spilled ketchup on it.

I've updated the 5-minute chart as well, which has formed a small flag-like consolidation.  Price has done a lot of work all month in this 1400-1416 price zone, and that suggests there are a fair number of traders who've taken a stand here.  One group is destined to be on the wrong side of the trade in the near future.

In conclusion, there are no new conclusions from the last several updates, and almost anything I could type down here would only be courtesy of the Department of Redundancy Department.  Trade safe.