Visitors Now:
Total Visits:
Total Stories:
Profile image
By Anna Coulling (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

VIX continues to test support as the NQ leads

Monday, October 3, 2016 1:05
% of readers think this story is Fact. Add your two cents.

(Before It's News)

VIx weekly chartLast week was another where the strong platform of support below the 12 region for the VIX remained unbroken as the index closed at 13.29 following indecisive price action for major US markets. This area of support has been building for many years and indeed on the weekly chart here we can see it extends back well into 2014, and clearly defined with the heavy blue dotted line of the accumulation and distribution indicator. Each test of this price region has been duly repulsed with last week’s effort adding to the long list of failures, and with the US presidential election now in full swing we are likely to see yet more febrile price action from equity markets as we move to the conclusion. Needless to say, if this region is taken out, and it is a big if, with a move towards 10.50 or below, this will then signal the resumption of a longer term bullish trend for US markets.

NQ emini weekly chartThis certainly seems to be the sentiment expressed on the NQ which continues to lead the way in the same timeframe, and closing well above the support platform below in the 4796 area, and ending last week on gently rising volume and looking to test the 4900 price point in due course. The trend monitor continue ro remain firmly bullish and with the volume point of control anchored below in the 4420 area, this confirms the longer term positive outlook for equities as we move ever close to the main event….the Santa Claus rally!

By Anna Coulling

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.