- SOX is forming a bearish head and shoulders. I’m a big fan of technology leading market rallies and it can never be good when the semi’s are this weak.
- Financials look like they are on their way to the 2009 lows, after being rejected at the 38.2% fib.
- The Dollar looks like it’s consolidating before making another run. Lately a rising dollar has been bad for the general markets.
- Where’s the fear? The VIX has basically been tracking it’s 10 day moving average and just today it closed down nearly 6% below it. I’d like to see this get 12-15% above it’s 10 day ma, which would signal rising fear. We haven’t had that one big flush out to signify any sort of market bottom.
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Post Written By: Zen Trader
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