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Updates 9:13 AM EST - Thursday 11/12/20
Based on overnight actions, $VIX is likely to rise back up to about 29 or 30 before it can drop again. This will happen today or tomorrow. We may trade a quick swing UVXY to capture this move.
While $VIX rises, $SPX IWM will drop. Again, they need to anchor in their green support zones to find enough buyers to launch into the next up swing.
$VXN will most likely rise along with $VIX, back up to 33.5 or 34 . We expect $NDX to drop down and anchor in its green support zone as well. We will be monitoring for TQQQ W bottom in this zone to add one more TQQQ position.
Updates 1:33 AM EST - Thursday 11/12/20
Big Picture: bullish unless $VIX $VXN rise up from their consolidation zones.
Short Term: $NDX $SPX IWM are all in up channels, but in order to launch the next up swing, they all need to anchor in their green support zones to bring in more buyers.
Market internals are easing up on their bullish messages. We may see market breadth going net negative on Thursday and Friday.
Table of Support & Resistance Zones
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