ThinkorSwim TA and More

[desertcynlite]

The charts are looking pretty weak to me. I held a short position over the weekend and closed out all long positions.

Things that do not look good to me for longs as of Friday's close are:

VIX found support above the 50 EMA.
S&P RSI 7 level below 30 and in a range where it usually causes a drop. The close was also below the monthly pivot.
The Nasdaq is still above the 61.8% Fib. 2154 is the number to watch. It keeps bouncing off the Fib so far. The close was also below the monthly pivot.
The AMEX Institional Index RSI 7 level is below 30 looking like its getting ready for a drop.
The dollar chart DXY found support above it's trendline again just above the 50 EMA.

Does anyone else trade TZA? Perhaps the timeframe is a little short but, it looks like it has formed a cup and handle formation.

Everywhere I look, it just looks bearish to me with one exception. My hourly VIX chart has signaled a down and that could cause a gap up Monday morning. (Futures are sure looking that way as I write this post....hmmm.) All the daily charts looked so weak to me on Friday that I didn't want to trust the hourly VIX. We'll see.



Cyn ~