Fear Index (VIX)- 4th largest 5-day decline since 1990, says Joe Friday & Ryan!

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The VIX just experience the 4th largest 5-day decline in the past 24 years. My good friend Ryan Detrick, shared the table above, reflecting the 5 largest 5-day declines in the VIX since 1990.

Premium members picked up XIV as the VIX was creating a bearish wick at falling resistance.

Joe Friday-  When fear gets lofty at key technical levels, short it!

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Large Bullish Wick takes place at support, of hardest hit sector!

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The past 90 days have not been kind to Crude Oil or Energy Stocks. Energy ETF XLE is down 15% in the past 90 days, talking about a big punch in the face!

This decline took XLE back to rising support off the 2010 lows and created a large bullish wick at this support line. The decline has also driven momentum to oversold levels seldom seen in the past few years.

Full Disclosure - Premium members picked up XLE last week when the S&P was creating bullish wicks. At the same time TLT created a monster bearish wick. See massive reversal wicks that took place a week ago today (see here) 

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Careful, the S&P 500 faces Herman Munster sized resistance test

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 The S&P 500 has remained above rising support line (1) for nearly 5 years . The decline in stock prices this month took the S&P below this support line and below its 100MA for the first time in years. 

The rally in prices over the past week now has the S&P kissing the underside of this old support line and its 100MA, at the same time right now. 

Bulls might be a little scared that this dual kiss of resistance could end up being a high in prices.

When is comes to importance, this is "Munster Sized" to see whether the bulls or bears win at this key price point! 

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