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This next week is big – 3900 held, Mr. Powell gets to talk, the economy looks dour and after all the declines the VIX cannot even get above 30 the last few weeks and not above 40 all year.
We have all been anticipating a bigger decline but the VIX has been a huge head scratcher for me – no shock and awe. Are people so lured into the FED being the market stick save? Certainly enough recent history to suggest that may be true and bears getting taken to the woodshed again and again. Is something else going on? Are we missing something? If you have money on the table, we are all learning to discern market changes better and extract money out of the market in front of us. I caught the decline this last week and closed the puts on Friday.
While the most exciting moments of stock action can be observed on Hourly and Daily charts, it is always good practice to maintain awareness of longer term technical levels. Here I am laying out a few exciting signs but some potential warning signs that I am seeing, hazardous to bears and bulls alike.
I’m beating this point to death, but I’ve got to say it again: don’t lose sight of crypto. I’d love to see an early week bounce and re-load some aggressive positions with the cash I’ve got left, but I’m not so sure we’ll even get that. My suggestion is to watch this crucial level on Bitcoin: