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The above charts are beginning to show the development of a bullish setup. Along with main indexes, the VIX set a new record today and looks as though it may continue higher. The BPNYA is also edging towards bearish territory at 30.06. It would be nice to see the BPNYA hit the same levels it did in January. A three box reversal after a close below 30 has historically led to a bullish move. Both of the NYA50 (a short term indicator) and the NYA150 (a midterm indicator) are near previous lows. A unified reversal following a significant VIX value should signal a bullish rally in this bear market. As always, wait for the reversals--this time the knives are especially sharp.
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1 comment:
Good luck today CP! Hope it turns out a greener day.
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