SPY Has Broken the Trendline
Updated
There are two trendlines in the the chart above:
1. Main and very important one since 2009 which SPY respects
2. The last bullish move's trendline
The second one is broken by a gap down on Friday. You may expect a test back of this line but I strongly believe SPY will test the MA100 (green line). MACD is also about to make a bearish crossover.
The more interesting is the VIX. So many bullish signals on the VIX chart.
1. Main and very important one since 2009 which SPY respects
2. The last bullish move's trendline
The second one is broken by a gap down on Friday. You may expect a test back of this line but I strongly believe SPY will test the MA100 (green line). MACD is also about to make a bearish crossover.
The more interesting is the VIX. So many bullish signals on the VIX chart.
Comment
VIX is about to make a Death Cross (50 sma is crossing below 200 sma ). Whenever this happened, historically, VIX has spiked big before falling down. Also On weekly there is an obvious bullish RSI divergence in weekly. I have to mention the candlestick in weekly which is a bullish harami. Checkout what happened when we saw this in VIX weekly chart.
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