09/14/2020 VIX Play - another buy change
VIX is forward-looking data that tracks the premium of S&P 500 index options which expires in the European way.
It does not necessarily move the opposite direction of the S&P, but it historically mirrored the movement of the S&P.
Looking at SPY, in the 1-hr chart, it's trending down, lower highs and lower lows. 50-SMA acted as resistance at the last lower high.
Probability of continuously trending down is high unless it moves out of the channel.
UVIX -
A lot of buyers accumulated around 19-23 area. Price has memory, 19 areas will act as another buy zone
It does not necessarily move the opposite direction of the S&P, but it historically mirrored the movement of the S&P.
Looking at SPY, in the 1-hr chart, it's trending down, lower highs and lower lows. 50-SMA acted as resistance at the last lower high.
Probability of continuously trending down is high unless it moves out of the channel.
UVIX -
A lot of buyers accumulated around 19-23 area. Price has memory, 19 areas will act as another buy zone
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