The VXX move on Monday's daily & hourly chart, is so far looking good... it would look a lot better if only I could get those DMI's to cross on the daily (VXX) chart, (edit - note that the negative DMI has crossed below the ADX (thick black line) --> that is a warning shot over the bow so to speak, and suggest strongly that the next move is down) otherwise Bear charts are 'popping' everywhere.
Please note that the SPY daily has multiple confirmations of a bear move, in a number of time frames, including all the indicators that I follow & my beloved DMI's.
First question: Is this a resetting of the charts? For example the ADX suggests that SPY is in a sideways move, with a bullish bias. Trend lines suggest that move could continue for some time. Until the trend line is broken (and moving averages), SPY is bullish but a few caveats are just starting to assert themselves.
The second question is: Are the bears waking up from their slumber? After all, it has been a cold, hard winter so maybe they are just finally waking up from their hibernation.
FWIW this could be a sustained move on the charts.
Time will soon tell if Spring is in the air for the Bears...
Aggressive traders might want to short the market, less aggressive traders might wait for confirmation.
I think this is a bull's opportunity to sell the market before a correction. Moving avg's are complete inverses. MACD's are complete inverses now too. An afternoon fall in the markets would support my theory.
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