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As it has for months, Fibonacci resistance levels came into play of late as the rally this past Friday stopped at the 61% level….AGAIN! Did yesterdays 240+ point decline prove that a TOP is in place? NO!!!
The VIX right now becomes key per if a TOP is in place…. due to three support lines coming into play at (2)…. If these support lines break, the TOP is not in and the market moves higher!
I remain of the opinion that the key to seeing that a MASSIVE TOP is in play and how to play it lies more in the CRX/Dollar combo! I discussed this combo almost 6 weeks ago….I would focus a ton more on this combo, much more so than the the 500 index!!! (see post here)
Hi Chris,
Love the ZZ Top reference!
Thanks for the great charts and commentary. I have learned a lot from you.
Jason
Ron…
If you would like an updated CRX/Dollar chart (see post here)
Chris
Chris,
Thank You for a very good charts. Outstanding actually.
Will todays Apple-report be an catalyst? I think so. And
Your EZ-chart magnifies it!
Keep up the good work!
Chris(ter)
Could you then post a CRX/dollar chart for us to compare with theSPX/VIX chart you just posted? Thank you, Ron R.