volatility is picking up (UVXY)
Updated
we are coming off the first weekly higher low at all time lows since the corona bounce. we havent had a major weekly bounce since then. id imagine if we do close this week somewhat lower, and trend down into next week its likely to send uvxy over 21. if SPX continues its daily bounce next week id imagine were headed back to all time lows UVXY 13 or less.
Trade closed: target reached
if you were long the past couple hours this is an area for profit takingTrade closed: target reached
this is a second profit taking area as we are pondering $19 i am all cashComment
if we start holding above mid 18s and break low 19s this thing might still be longComment
a big factor in pushing this up is multiple indices and sectors making new lows at the same timetqqq spxl iwm xlf xle xlv
Comment
if we hold mid 19s it probably will head toward upper 19sComment
if we dont close over mid 19s i would call this quits and return to shortComment
daily inside bar potential to break bull is attempting to get over 14.69 the extended hours high the next level is around 15.24 if we see bearish conditions in broader marketsTrade closed: target reached
im more comfortable going back to all cash at these levels
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