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VIX (VX) Tries Forming Higher Sep Low VS Aug Low

By:

CFA, Founder Tradable Patterns

VIX (VX) Tries Forming Higher Sep Low VS Aug Low

The VIX (VX) is edging higher going into today’s European morning, reinforcing yesterday’s strong gains as it tries bouncing off triangle/wedge support (on the weekly chart).  Significantly, yesterday’s surge began from near the psychologically key 30 whole figure level, and appears to have halted a near 2 week slide.  VX bears should not rule out the VX retesting the weekly chart Bull Flag resistance before month end.  Congratulations to premium readers who profited from the March 17th warning of the pending slide in the VX, one day before its record high on the front month contract and from the analysis June 9th highlighting the looming completion of the descending wedge.   Premium readers were also alerted Aug 28th, Sep 2nd of the growing probability of a rebound in the VIX.  Volatility will surge as early as today following US Fed Chairman Powell’s 1030am EST comments.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am long as of today at 31.45 although if I were flat, I’d consider entering long in the green zone (of the daily chart), targeting the red zone for Monday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Nasdaq100, USDCAD

Sample of Content (below) Available to Free Subscribers (published Sep 1, 2020)

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