Updates for Thursday 7/2/20

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Below is a time-delayed excerpt from our live updates for members.

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Updates 9:22 AM EST - Thursday 7/2/20
Short Term   ​
Unexpectedly strong job report pushes $SPX $NDX IWM up pre-market.   

$VIX has gapped down big early this morning, but it then reversed sharply pre-market.   Overnight $VIX dropped from 28.4 to 25.9, but has reversed sharply upward to 26.9.   $VIX is definitely on the move up, but its actions may not get reflected in price immediately.   This kind of bearish divergence can last for days.

Snapback to green zone has to happen in order for the next thrust to form by definition.   Otherwise the current thrust will get extended for another day, but obviously a thrust doesn't go on forever.

We will be tracking $VIX and the snapback to the green zone today.   Please remember that this is simply a snapback to a shallow zone of support.   It is not the end of Bounce8.  It is not the start of Dive2.  

Updates 9:45 AM EST - Thursday 7/2/20
Short Term   ​
Updated green zones of shallow support:
  
$SPX:   3102 to 3128
$NDX:  10276 to 10319
IWM:    142.5 to 143.4

It is not a guarantee that $SPX $NDX IWM will snap back to the green zone today.   But if they do dip a bit today, the green zone is where they are likely to dip into.   

Updates 11:12 AM EST - Thursday 7/2/20
Short Term   ​
Recall we said $VIX gapped down big this morning but reversed upward sharply.   $VIX is persisting with this formation.   The message from $VIX is it's intending to rise some more.

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