OE Week: SPX 873.29 at the long term supports near at the Oct 2002 low. Markets are showing falling wedge formations with positive divergences going into the OE week. VIX is showing a diamond formation which is also poised for a pivotal turn during the week. A breakout from the aforementioned formation is good initial signals to directional confirmation. As a side note, many are waiting for a perceived late December low while we are in a ST cycle low near at present low.
Qs kissing macd signal line hanging on to support, closing at 28.98. Markets are showing +D. While markets are showing positive divergences and falling wedge formations, we are still hearing quite bearish news. Hope that the support will hold during the OE week.
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