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Sunday, October 13, 2019 9:29:35 AM
By: Amateur-Investor | October 12, 2019
As expected, it was a wild week in the market with everything focused on the China-US trade talks. In the end, they supposedly agreed on a Phase 1 implementation, whatever that means. The rally off the Tuesday could be an "abc" counter rally so it will be interesting to see how things act next week.
Meanwhile, as I talked about Tuesday evening there were two possibly outcomes for the VIX. As it turned out it reversed back to the downside which was followed by the upside reversal in the S&P 500.
So the question is what happens now. It's possible the VIX is developing a Triangle pattern, and once it reaches the lower trend line, another reversal to the upside will follow. Since the S&P 500 and VIX typically move in opposite directions then some selling would follow in the S&P 500.
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