Last week, I wrote about the 1,000-point triangle pattern in the Dow Jones Industrial Average, which finally went into full “breakout mode” late in the week. The S&P 500 Index (SPX) is getting the initial break through the top of its triangle, too, which forecasts a move back to 1,200…but it might need a little help from the $VIX.
I wrote about the $VIX Reversal Signal in my June 30 entry entitled “Follow the $VIX”. So far, the $VIX Reversal Signal has been money…but so has the H&S fake breakout I diagrammed on the S&P 500!
Last week, I wrote about the $VIX Reversal Signal in my post entitled “Follow the $VIX”. Well, we’ve seen the reversal in the $VIX come to fruition, but is the market ready to follow?
The Volatility Index ($VIX) fired off the first step of a key reversal signal after yesterday’s close – one that could spark the next buying opportunity in the broader market. Let’s take a look!
With the recent retracement in the S&P 500, talk of the developing head-and-shoulders pattern is likely to take center stage once again. Since the pattern forecasts a target of 860, it doesn’t hurt to take a look.
