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THIS FROM A POSTER AT WOLLIES SITE=
| From: GROUND ZERO™ | 1 Recommendation Read Replies (1) of 132725 |
| I think there’s a reasonable chance for a good market rally very soon if not sooner, but with gold, I suspect there might be more downside pressure with gold if stocks resume higher, I have no clue, I’ll just follow my signals, they’re much smarter than I am…
Here’s what I see for these markets: The overnight high for the VIX was 47.15… The two previous highs for the VIX were the week of 2/9/18 with the VIX at 50.34 and 8/28/15 with the VIX at 53.29, both times were the weeks of major lows before a big rally resumed… If you draw a line and connect those two previous VIX highs and extend that line to today, the line is at 48.17, just one point above this morning’s high, almost like an overhead resistance line… This suggests that we actually may have a bottom of some proportion right now overnight… We’ll see how it goes today and next week, but right now it seems the odds have increased for the possibility of a significant low having been made overnight… A close today above 2950.00 in the SP futures and this would lend more credence to the likelihood of a significant low having just been made overnight… So, we’ll see how it goes… GZ |
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