What a day, market end up with a positive end with dow, and a red spx. Will be very interesting for next week giving it a short week. Is the end of today a win for the bear or just profit taking? you be the judge of that, consider dow is still green. Spx did go down, but then recover some near the end. For those that holding on to their long from this weeks low, either take profit, or take some profit and let the rest ride is a good idea. If not taking any profit, at least use this week low as a stop. Since VIX is showing a drop may soon happen.
See VIX chart, MACD is still not showing it ready to go up yet, still room for downside. The downward wedge is building, so it does look like it will bounce anytime soon. So keep an eye on this if you plan to short
See SPY chart, there is volume to the downside today, but nothing to break any support, so it a slow grind process to the downside so far, or just profit taking today that drove the volume up abit more.
See DIA chart, this is showing some strength in volume to the upside. MACD is showing downward pressure. Just notice a upward channel, has not been broken yet, so will have to see if it bounce upward or go lower.
Short term: Neutral
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