Yesterday's trading was a little choppy, but once the $VIX was hammered down - below 20 - we were off to the races again. And make no mistake about it; the powers that be have been manipulating the $VIX this way, for at least 12 years, that I know of. Since the financial crisis of '08....
With the help of the Fed, they drive the $SPX up in to psychological targets - like $SPX, 4000, 4500. 5000, and hammer the $VIX into the next target. It's all a game, and when it's time to take profits, they just allow the $VIX to run.
Tweeted out yesterday morning:
#VIX is taken down, right on cue. $VIX pic.twitter.com/zh868YaleO
— Veteran Market Timer (@3Xtraders) August 3, 2021
Also called out the Russell 2000 Top Value, because support was obvious, on the short term chart above.
$IWX (Russell Top Value) - the updated 10 min chart. I'd have to clean up this chart in order to recommend another trade, and just don't have the time this morning!
Gold miners:
We continue to watch the miners holding up above the 20 day moving average, as I pointed out in the last update. It's too soon to call this sideways action a bull flag.
If you'd like to see my short term prediction on miners, view the chart located in the public charts area linked https://stockcharts.com/public/1839526
Natural Gas continues to hold up, despite the cool weather. Just goes to show the lame stream media has no idea what really moves natural gas prices.
$UNG (NatGas Fund) - seems to be trending down in a little broadening (or expanding), and descending, triangle pattern. Technical support is near the previous high, but if we see a washout below the lower end of my triangle pattern, that would washout the weak hands somewhere below the 13.32 level. 13.25 maybe? Only looking at the short term chart on NatGas for now, but I'm anticipating a big crash, later in the year.
China - this may only be the first leg down for China.
$IQ - Good chance this is only wave 1 in a long term bear market, but it's too soon to say. I'm expecting a snap-back rally but not much else. Watch for a breakout above 12 this week, or next...
$GDOW (The Global Dow) - included in this index are a couple big China names. Do your own due diligence.
I've been pointing to the global DOW chart for months, and this may just be a dress rehearsal for the big crash, or is this it?! Watch the 4000 level.
That's all the time I have. Opening bell rings in 15 min.
Take care, AA
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