Yep & remember, this wasn’t just a run-of-the-mill dip buying opp. QQQ fell to the bottom of its nearly 6-month trading range at the lows today with the key 200-day MA’s just below that 589ish support, a 10 out of 10 as far as support levels go.

That only helps to (once again) further validate that as an important & well-watched support level. As such, if & when it clearly goes, there will likely be a flood of cascading stops that start to get hit just below it & the 200’s.

Of course, as I like to say: Support is support until & unless taken out.

Just got this & I covered the $VIX in detail in the video that I posted today (after you asked about it). Basically, it effectively hit my 28.60ish target/resistance at the high today at the same time the market hit its low, which also coincided (not by coincidence) with QQQ hittting the bottom of the trading range/key support & SPY also dropping to the mid-point support line within its comparable trading range: Both natural & pretty much to-be-expected, reflexive dip-buying bounces off key support level.

As such, when & if (still my preferred scenario) today’s lows are clearly taken out in SPY & QQQ, the $VIX will likely take out that 28.60ish resistance & explode up to the next target(s) as QQQ takes out the 200-day MAs & falls to T2 (daily chart) with SPY falling to the bottom of its trading range & its 200-day MAs. A big *IF*, but one that a trader should be ready to move fast, should it occur soon.

Silver might not yet be finished with that back-and-forth “grind” or consolidation period that has historically followed the initial sharp drop once a parabolic uptrend line was broken. Therefore, best not use any of the leveraged ETFs, such as ZSL, for swing trades lasting more than a day or so, until you have a high degree of confidence that the next mostly-unidirectional move is underway or imminent.

Here’s the updated 60m chart of SLV in which I’ve tweaked some of the nearby support (price targets) and resistance (objective shorting) levels.

They are conditioned to do that for a long time now. There will be a time when that wont work… Until then Just buy the dip. Looks more and more frothy now though. I expect to see continuous down days either this week or the next which could be a good buying opp :)