Thursday, July 3rd. - Stock Trends, Charts, and Commentary
Fear Levels are rising sharply, and pit traders think they will spike higher ...
Last Thursday, the Volatility Index was below its resistance. We mentioned that Pit traders were watching for the possibility of a VIX level of 25 which would make them very bearish.
Since then, the VIX (Volatility Index) rose above its resistance line which was negative. More importantly, the
VIX closed above that 25 level yesterday indicating increasing fear levels on the investor front.
Where do we go from here?
Pit traders are now expecting a capitulation sell off that ends with one "really big" day down. Pit traders will be looking for the VIX to next break above 30 and then spike up to around 40 to 45 in capitulation.
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