A recap of today's price action & recent technical developments in the US equity markets (SPY, QQQ & IWM) as well as a few key sectors ETFs such as XLK (technology), XBI & IBB (biotechs), SMH, XSD & SOXX (semiconductors) as well as the volatility indexes ($VIX & $VXN).
Fundamental & technical analysis on a few key sectors including the automakers, biotechnology, semiconductors, technology as well as the volatility indexes. The following stocks & sector ETFs are covered in this order: F, GM, TSLA, TM, XBI, IBB, PBE, SMH, XSD, SOXX, XLK, TECS, $VIX & $VXN.
I was just asked the following questions & figured that my response was worth sharing: Q: What's your opinion on trading VIX? I'm looking at TVIX, which is 2x VIX, currently pretty low at $8.30s. I was wondering if it follows the same charting principles and indicators as normal ETFs? A: Let me begin by answering the latter [...]
Since the June 2nd Volatility Likely to Spike post, the $VIX has climbed as high as 40% following the breakout of the R1 level & is currently trading about 30% higher following the expected backtest of that broken resistance level. If the scenarios posted here on June 15th (also shown below) continue to play out, [...]
As a follow-up to the June 2nd Volatility Likely To Spike post, here are a few salient technical levels to watch for on the $VIX (CBOE Market Volatility Index) and the $VXN (CBOE Nasdaq Volatility Index). Note how the scenarios drawn on these volatility indices are in synchronicity (volatility trades inverse to stock prices) with [...]
For nearly a month, this market has going basically nowhere in a choppy, nearly impossible to trade sideways range. However, large unidirectional moves typically follow such sideways consolidation & the charts continue to point to that next major direction being to the downside. SPY 15 minute June 2nd Back on April 27th, [...]