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Below is a time-delayed excerpt from our live updates for members.
Updates 3:02 PM EST - Friday 8/28/20
$SPX may rise a bit higher short-term
Of all the indices, $SPX is the most bullish right now. It looks poised to rise a bit higher, most likely to tag the the top of its orange resistance zone at 3520 (see S/R table below). This may happen on Monday.
Personally we like to buy on pullbacks for everything. "Buy low" or "Buy relatively lower" enables us to maximize our profit and minimize our risk. So we are not going to chase price up in the Signal Trades, especially not before the weekend.
There will be plenty of opportunities to trade next week. $VIX $VXN are no longer dead. As they swing back and forth between (1) and (2), there will be opportunities to make money. This morning quick ride upward with UVXY in Signal Trades demonstrated this.
In fact, there most likely won't be setups to buy and hold for a few days, to enjoy a ride that lasts multiple days. As long as $VIX $VXN are swinging between (1) and (2), market will be choppy. So to capture profit, we have to be nimble with our entries and exits.
Updates 9:18 AM EST - Friday 8/28/20
$VIX $VXN may rise a bit more this morning
The (1) (2) moves that we discussed at 1:35 AM EST are unfolding. $VIX pre-market signals show it's likely to rise up to retest its Thursday high this morning, rising possibly to 28.
This means $SPX $NDX IWM are likely to pull back as $VIX rises. They will most likely retest their Thursday lows.
So the low-risk entry point for $SPX $NDX short-term long positions are near their Thursday lows.
You can enter UVXY for a quick ride up along with $VIX at the start. Keep in mind it most likely will reverse quickly.
Updates 1:35 AM EST - Friday 8/28/20
$VIX is transitioning
$VIX daily chart below shows how $VIX has formed a solid support zone above 20.5. This is similar to the $VIX support zone formed in late 2019 early 2020.
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