ajtj99's Market Pulse

[ajtj99]

There is a lot of support from SPX 1219-1268. That's a pretty solid range of support.

However, the VIX is suggesting this is more than just a simple drop to support. The VIX scares the living daylights out of me at this juncture (ironic when you think of it).

The VIX weekly bullish pennant that just broke up measures to 48 VIX, higher than any level reached since the crash of 1987, which had a VIX estimated at about 200 (the VIX reached a high of 45.08 at the July 2002 lows).