We are at the critical junction. We broke the last week's support where we had a nice hammer pattern and then we had a nice rally which kind of challenged the July High but then it got dizzy due to shaky political in decision
As you can see from the below there is support at 200 day MA 1284 level and then last recent support 1258 where the market was stopped.
As usual, I am not getting into the prediction business but let the market tip its hand. Currently I am all in Cash in all accounts. I am also long VIX calls as any more upside or downside will contribute to volatility. Currently the VIX levels are at kind of "EVENT" levels. where both index calls and puts are bit expensive.
So lets give a week for market to tip its hand before committing any capital.
As you can see from the below there is support at 200 day MA 1284 level and then last recent support 1258 where the market was stopped.
As usual, I am not getting into the prediction business but let the market tip its hand. Currently I am all in Cash in all accounts. I am also long VIX calls as any more upside or downside will contribute to volatility. Currently the VIX levels are at kind of "EVENT" levels. where both index calls and puts are bit expensive.
So lets give a week for market to tip its hand before committing any capital.
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