Just Charts

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Charts - Charts - Charts!  It's Friday and I just wanted to post a few charts that look interesting . I am not talking about buying and holding for a month,  some  traders dont even like to hold over the weekend with Greece and other geopolitical issues out there.   Today I am talking about what look like trade set ups / reversals and so on.   Buy one or two , or put these on your watch list to possibly buy a pull back .  We had reversals yesterday in OIL & Metals.  I liked them because they  can be trade-able.   I bought as mentioned in the chat / comments area, but is it long term or short?   Just a quick trade or more?    I'll discuss that this weekend.    On to the charts ...

$WTIC-  small bounce or lows?

WTIC 5-28

What about NATGAS?...

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CRAZY

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CRAZY, right?  What a difference a day makes. Traders  that jumped from Long to Short on Tuesdays drop have likely been burned, and that may or may not change going forward. Lets take a look...

SPX WKLY- I love this.  🙂 

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This weekend I showed this weekly chart. 

1. Possible top Friday

2.Vix at lows 

3. SPX Wedge ,  so I said to expect a drop. 

SPX WKLY 5-22

SPX WKLY -  Monday was a holiday, so this is the wkly after Tuesday & Wednesday.  The drop & recovery -  Boom, Boom.

SPX WKLY 5-27

On a daily -  you cant even tell anything happened.

SPX 5-27  

NEXT...

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Timing

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It certainly looks obvious that various sectors are starting what could be a significant decline.  I pointed out the VIX and the elephant in the room last week, indicating that one should be coming, it was just a matter of time.  Lets look at the charts ...

In this chart of the VIX I was pointing out that tops (maybe just temporary ones) often started with the Vix in the 12-14 area. It also did a reversal Friday

$VIX  

So this is what has transpired...

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