The S&P 500 closed lower for the 9th day in a row on Friday. The last time it closed lower 9 days in a row was back in December of 1980. Furthermore there have only been a 6 occurrences since 1900 where it has closed lower 10 days in a row (July 1975, October 1971, November 1969, May 1966, February 1966 and May 1931).
Meanwhile the VIX has broken strongly out of its Triangle pattern which we have been focusing on for several weeks.
However it has now risen to the top of its downward channel (purple line) so I would be on the lookout for a possible reversal next week.
Meanwhile the S&P 500 has dropped back to its 200 Day Moving Average (green line) just above the 2080 level which coincides with the bottom of its downward channel. Thus this would be a perfect spot for an upside reversal to develop from with a rally back to the top of the downward channel which looks to be around the 2140 area.
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