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Here is an excerpt from our trading plan.
The big gap from Monday 8/5 left a large hole on the chart, like a huge psychological abyss. $SPX $NDX $RUT spent most of the day today trying to find enough buyers to take them across the abyss. They came close, but they didn't manage by closing. However, tomorrow Thursday may bring the big rise.
Updates from market internals
Volatility: We now are seeing $VIX $VXN charts forming an initial topping pattern. However, when the volatility surge is as big this one, it will take multiple tops created over multiple days before $VIX $VXN can get back into their low zones. During that process, prices can go down quite a bit lower.
The rest of this article covers:
Updates from market internals (more)
Support and resistance levels
How to approach your trades
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