Right now, the SPX is in a major consolidation mode. We are going to stay on the side and wait for a trend. It probably won’t happen until the Fed’s meeting next week.
Here is the technical analysis below. Ichimoku shows that we are in a consolidation mode from a bullish sentiment. The SPX has to close 1437 for a possible trend change to occur (bearish). On the chart, you can see the Gann angles along with the Ichimoku indicators.
Below is t
he VIX analysis. Yesterday, it traced close to the .5 value but did not get there. All the signs on the chart show some bullish sentiment still. It seems like the VIX wants to try to get to the .618 retracement value. With all the volatility in the market, it could happen within 2 weeks.
The seasonal chart shows a bullish/consolidation mode until around 9/19. At that point, the market is suppose to move down drastically.
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