VXX - into a trendline resistance
Notice how technical setup precedes any news? VXX pulled back into the trendline resistance yesterday with negative divergence on the 30Min TF.
Next couple of days will be important to decide if we go way down or way up. Either is fine by me, but patience is needed to see the picture clearly before going too deep.
Plan today: reduce size of the shorts or cut losses. Watch hourly price action around 23...if it pushes lower, start small on the longer dates SPY, QQQ calls.
Risk: Daily charts for many charts are still showing bearflag signs...if there is no follow through, this would just be another dead cat bounce. need ES! to consolidate above 4450 for the chance at 4500, 4580.
Next couple of days will be important to decide if we go way down or way up. Either is fine by me, but patience is needed to see the picture clearly before going too deep.
Plan today: reduce size of the shorts or cut losses. Watch hourly price action around 23...if it pushes lower, start small on the longer dates SPY, QQQ calls.
Risk: Daily charts for many charts are still showing bearflag signs...if there is no follow through, this would just be another dead cat bounce. need ES! to consolidate above 4450 for the chance at 4500, 4580.
