S&P500 (SPX) Technical Analysis And VIX Indices– 7/2/2022
VIX Indicators
The Pentile Rank (PR) of VIX in relation to VVIX, VIX9D, VIX3M, and VIX6M shows the market is starting to calm down a bit (table below).
VIX9D dropped substantially likely due to the long holiday weekend. PR for the other VIX-related indicators is still very high.
It is difficult to say if the market is starting to turn around by just looking at these data.
SPX Technical Analysis
One of the large gaps got filled by the small uptrend that started last week.
The market crossed the 25-day moving average (purple line) then turned around on Tuesday and broke the trend on Wednesday to fill the small gap (red arrow) that was formed by last week’s uptrend.
The market then moved sideways until Friday.
If the market continues to move sideways, it will hit the secondary downtrend line (green line) in a few days, so would be interesting to see if it gets resolved to the upside.
The other large gap at around 4,016 (Yellow arrow) was not filled so I will be looking closely at another uptrend that could be forming in the coming weeks.
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