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I’ve had a heavy, though very profitable, week and I’m flagging and working slowly this morning. The setup on SPX here is also simple enough to sum up in a couple of lines so today I’m going to use today’s futures charts that I post every day for subscribers at theartofchart.net with notes.
ES has broken back over the daily middle band. Retracement may well be over. ES 60min chart:
The one and only sector I’ve been beating the bull drum has been precious metals miners. It’s nice to see them finally getting on their feet……
I can’t get too excited about possible market follow-through in any one direction on the S&P 500 Index unless and until price breaks and holds either above 150 or below 100 on the SPX:VIX Daily ratio chart below.
Currently, price is still in what I call the “Major Conflict Zone.” Yes, I realize it’s a huge range, but that’s the way 2015 has gone. In my opinion, I think 2016 will see greater volatility and much larger swings than we’ve seen this year…hang onto your (Santa) hats, folks!
