Being this is a key asset, I think it's important. My personal feeling is that we get some market upside tomorrow as it picked up from where Friday left off and completed some divergences and then they started to deteriorate a little, but not enough that I would change my expectations/guidance.
I think tomorrow VXX will form the rounding bottom that we saw in risk assets/the averages/PCLN, etc today, and that will likely be that, the cue on a VXX long which is the same as a market short call (timing-there's already overwhelming evidence for a market short).
VIX futures are still VERY strong, having migrated from 5 min to 15 min then to 30 and 60 min leading positive divergences.
This was the negative I saw Friday afternoon that confirmed some market positives, it's still only a 1 min chart, it hit it's pivot on the divergence around 10 a.m. this morning, picking up from where it left off at Friday's close.
This is the exact same 1 min chart on an intraday basis, no leading negative, just perfectly in line with price moving down which is decent relative strength and what we want to see as tomorrow I'm fairly sure we'll be seeing this go positive.
2 min chart, in line, negative but small at 10:30 this morning and in line on the downside today like the 1 min.
The 5 min still leading positive which is just like the market averages leading negative on the same timeframe as they trade opposite each other.
Of course the 15 min is leading positive and flying as are the 30 and..
60 min charts, that's a HUGE base in VXX, this cycle that started the first week of Feb. but was set up the last week of January was no accident and the fact that VXX has been positive through nearly all of it and held up much better price wise than it should have is just evidence of that.
We're still in excellent shape for new positions and for timing the market's pivot to the downside.
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