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Updates 3:50 PM EST - Friday 8/21/20
Updates 2:18 PM EST - Friday 8/21/20
Updates 10:02 AM EST - Friday 8/21/20
Both $VIX $VXN appear to have finished their morning tests of their upper channel edges. They are likely to drop down into the lower zones of their channels now.
This means $SPX $NDX are likely to climb higher from here.
Updates 9:43 AM EST - Friday 8/21/20
Both $VIX $VXN are likely to retest the upper edge of their channels again this morning.
If $VIX $VXN don't exceed these upper edges, those are low-risk places to enter long positions based on $SPX $NDX.
Updates 9:19 AM EST - Friday 8/21/20
Overnight $VIX tagged its upper channel edge. As we discussed, that's a bullish setup for $SPX $NDX.
IWM is likely to rise a bit today too, but it is continuing a steady march down. This bearish divergence is an advanced bearish warning, consistent with the advanced bearish warnings issued by market internals.
Again, keep this in mind for the big picture, but focus on trading the short-term swings. It looks like for $SPX $NDX, their up swings aren't quite done yet for today. They are likely to climb a bit higher.
Updates 12:00 AM EST - Friday 8/21/20
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