This week buyers continued to have the upper hand as all the US indices ended the week green even after some negative news flow to end the trading week.
Even though the environment feels ripe with risk (tariffs, recessionary talks, slower global growth, etc). the VXX is telling a different story as it hit yearly lows throughout the week. Whatever the headlines are telling you – volatility traders haven’t been buying it.
All of the indices are now trading slightly above but in and around the monthly and quarterly opening levels so that will continue to be an important area to watch to see if the buyers can maintain their control.
In this week’s video, I break down the mechanics of what I call an “inside bar reversal” and show the inside bar reversal trade I took on Friday that nailed the lows of the day.
Watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching.
In this week’s video, we look at the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD SLV BTCUSD ETHUSD EEM GDS SAIL BILI ATI BABA BIDU ALRM SBUX and more for the week of Weekly Market Outlook For October 21-24, 2019.
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