A Big VIX Jump For A Small Move, And Inside Bars Everywhere

Well, it’s been a nice and relaxing long weekend after Labor Day.

Anyway, waking up to the bear wanting to have some fun.

Market Snapshot

The VIX has once again been observed in the vicinity of 16. It has made no application to cross, and no application is anticipated.

• SPX 7,718.60, down 29.11 (0.38%). Friday peaked at the range highs. Full read below.

• ES 7,690.00, down 25.00 (0.32%). More than a nibble past the lows.

• Uncle Dow (YM) 52,972, down 303 (0.57%). The same.

• NazQuack (NQ) 29,486.00. Making an engulfing bar attempt already.

• Uncle Russ (RTY) 2,956.7, down 17.1 (0.58%). No read today.

• Crude (CL) 94.45, up 3.23 (3.54%). No read today.

• Gold 4,434.3, down 42.9 (0.96%). No read today.

• BTC 78,328.54. No read today.

VIX 15.84, up 1.32 (9.09%).

Looking at the markets overview, the first thing I notice is VIX taking a leap into the abyss as it tries to hurdle that elusive 16 level for more than a day. That is once again a big jump for a small ES move overnight, 30 or so points between Sunday open as I’m typing this. Definitely a few bears are nervous.

Inside bars

Inside bars galore, which is not surprising given the long weekend. So far we are seeing more than a nibble past the lows on ES and YM. NQ is making an engulfing bar attempt already, and I’m suspecting my usual first thoughts of the side the bar breaks being a false direction, as it’s more than a nibble. I may have to do a more in depth study on this and get some hard data. How far is too far, and so on.

Everything else

Everything else seems to be in the Minutia of the grind before the pop n drop, and views have not had a change in views, setups or opinions.

Long live the grind!

SPX – Stripping back the Tag n Turn tools again for a clearer picture.

Over on the SPX swings charts, and stripping back the Tag n Turn tools again to see a clearer picture of what price is doing, you can clearly see a larger range in place, with Friday peaking at the range highs.

Confirmation bias is only a problem when you haven’t noticed.

Of course this fits nicely with my hard core bear narrative of the moment, so I have to acknowledge that I am a little, ok somewhat, ok really confirmation biased lol. But hey, at least I know it, and with good reasons to be.

Meme of the Day:

Trade well,

T2 Markets

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