As I mentioned in my post of August 5, volatility ramped up on July 26 and it continues to churn in US markets, as evidenced on the following daily chart of the SPX, as well as the monthly chart of the SPX:VIX ratio.
Near-term resistance and support levels are 2950 and 2800, respectively, on the SPX.
Major resistance and support levels on the SPX:VIX ratio are 200 and 100, respectively.
I’ve been reading my Modern Monetary Policy book all day long, but I took a “break” if you want to call is that, here on this Saturday night, to whip up this updated analog for you. Fascinating stuff. This puts us in the summer of 2008 on the Dow Jones Composite. Food for thought:
I recently mentioned we were just about done with the ability to share technical study sets on Slope. I am pleased to announce this feature is fully complete and released, and I want to state at the outset how important it is for you to share your studies with others. Because no one has had the ability to share study sets before, the library is understandably almost blank (except for my own contributions), so if you have a study set worth sharing, please, by all means, share it right now! Thank you!
On Friday afternoon, I received an email from a premium member which read, in part:
I’ve been a diamond member for a short while (less than a year). I’m trying to better understand the best way to use your services. I get the impression that it’s not necessarily a trade recommendation service since it can be difficult to see your entries/exits unless you state your stops. I think it’s a service to promote the learning and usage of charts to enhance trading but I’m not sure about that since there doesn’t seem to be much instruction (unless I missed it). So I thought I’d go straight to the source to get your elevator pitch on how I should be using it.