As mentioned in today’s video, I’m in quasi-vacation mode this week with my kids home for college for spring break & my wife on vacation as well. However, with the recent flurry of long-awaited sell signals triggering & volatility spiking, I’ll be at my desk more than away from it although I took this afternoon off & will also be away my desk for the remainder of the day after noon tomorrow.
In reviewing the charts tonight, I see that the VIXY ($VIX Short-term Futures ETF) hit my first price target for a 40% profit from the Jan 30th entry with the next objective add-on or re-entry for those that booked profits here to come on a pullback to support or a solid break above T1. As per the arrows on the updated (second) chart below, I’d put roughly 50/50 odds on a pullback first or continuation of the rally. Previous (Jan 30th) & updated daily charts below.
VIXY daily Jan 30th
VIXY daily March 10th
Likewise, my preferred trading proxy for the $VIX, /VIX (VIX futures), has also just hit my 25.70 target* for a 50% profit from the Feb 6 highlighted entry, at the same time VIXY has hit T1 on the daily chart. The arrows on the updated (second) chart below show potential & likely pullback targets if the stock market starts a counter-trend bounce tomorrow. Previous (Feb 6th) and updated 120-minute charts below.
VIX-120m-Feb-6th
VIX 120m March 10th
*25.70 on this March contract is equivalent to the 24.74 key resistance & price target that I highlighted on the Feb 6th chart (Feb contract) & objective long entry as price levels change when the futures roll. You can see the same reaction highs defined that 24.74 level on the Feb contract which now come in at the 25.70 level on the March futures contract.