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Sunday, August 19, 2012

Double Top?

We're getting close to a possible double top at 1422.  Stops are sitting at this area after OPEX on Friday.  Below are sentiment charts prior to Monday August 20th (another gann date).  This looks like it is almost baked to short.  Maybe a beginning of pullback.  If it breaks below 1405, then 1398, 1393, and 1386 are support.  There is a gap on VIX sitting at 17.55 area. It's possible to hit the lower bollinger band before it bounces to cover the gap. 

McClellan Oscillator (100%) after + divergence.
NYAD sentiment forming negative divergence
VIX (100%)

I have added a position on UVXY.  Closed 8/20


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