Below is a 4-hour chart of the VIX. It closed the day above the Monthly TPO Profile POC (red horizontal line) of 32.32 (the same level applies for both October and November). It also closed just above a triangle apex at 33.80...a hold above this level would be extremely bearish for the S&P 500 and could very well send price back down to the October lows.
Below is a 4-hour chartgrid of the YM, ES, NQ & TF. The 50 sma (red) has, once again, crossed below the 200 sma (pink) on the ES, NQ & TF to re-form a Death Cross...this is a confirmation of the bearish downtrend that began in July of this year...whether or not price returns to retest the 50 sma before resuming its downward trek remains to be seen. A helpful gauge of direction will be a close observation of the VIX.
Below is a 1-day 1-minute percentage comparison chart of the Dow 30, S&P 500, Nasdaq 100, and Russell 2000. The Russell led today's weakness, and, by the end of the day, the Dow shot down past the S&P and the Nasdaq to finish second in weakness...whether or not the downward momentum accelerates on the Dow to propel it into the daily leadership weakness category again is something that I'll continue to monitor (it led in weakness on Monday and Tuesday this week, as shown on the next 2-day 2-minute percentage comparison chart)...also, see my post on Monday in this regard...in addition, I'll watch for a Death Cross of the 50 & 200 smas to re-form on the YM 4-hour chart to confirm weakness in the Dow.
I wish you all an enjoyable and safe Thanksgiving holiday.
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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Wed. May 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. May 23 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9, Feb. 21 PMI came in at 47.6, Mar. 22 came in at 44.7 & Apr. 18 came in at 44.5 (contraction mode deepens!)
* Wed. May 29 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 7 @ 8:30 am ET ~ Employment Data
* Wed. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. June 14 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. June 19 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...