"...I'd like to see the CBOE Market Volatility Index (VIX) settle down a bit as well. Currently, it is still above the critical 20 level and atop its 32-week moving average. With the VIX at its current levels, the odds of additional volatility are heightened, creating an additional risk factor for the short term...."
Have you considered the possibility that Schaffer is using the 10-month moving average based on MONTHLY closes - in the same way one would use a 10-day moving average based on DAILY closes?
I wonder what that chart would look like?
Measuring technicals versus MONTHLY closes is common for strategists with longer-term perspectives.
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