Weekly Update

I talked about the VIX one week back, it was rose above 30, and I expected it will continue climb higher, but it didn't happen, last week it came down from its 30s back 24, so it was just a spike market didn't follow through. The market isn't that bad, I will continue watch how does it form in the support area for VIX.



SPX:

The dominant trend for SPX is still up, last weekly candle looks bullish, it didn't follow through the prior big down bar, and bulls pushed back higher.



On daily chart, SPX is in the middle of the trend, rebounded from bottom, and curretnly is trending in between its 20dma and 50dma, a break above 50dma will give us a clearer uptrend for bulls.