Yesterday gave a confirmed VIX buy signal. The last four of these signals have delivered the goods, however, the last confirmed sell signal took two weeks before a dip and that wasnt even to the level of when it occurred. The chart below is courtesy of Springheel Jack.
On a weekly basis the Nasdaq 100 could be forming a Head and shoulders pattern. It could easily still rise to 2800 (the old up trend line) and then sell off. Key is the break of the neckline or a break above the September high.
The market sold off a bit today, once again “fiscal cliff” worries. (more…)