SOX versus VIX Chart with InvestmentHouse support and resistance:
The SOX is in serious trouble as well. It has made a lower low already, and now it is in this range from 285 to just under 310. There is some good support in the 285 range, and I am looking for it to shoot down to that area and fill this gap in July putting it down at 270. That is another 26 points on the SOX which is a significant move on that index. It is very volatile, but it is still a significant move to the downside. There are some lower lows in place, and it is important to note that on the SP600 because those stocks are economic harbingers. If they are selling off, that says they do not think Q4 will be as good as Q3. It says that the Q3 stimulus plans were basically one-off events that did not stimulate any sustained economic activity. That corresponds to what history shows with these rebates and one-off stimulus proposals. This pump-priming in this respect simply does not work.
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