It may be Thanksgiving week but there are literally high quality setups crawling out of the woodworks. Can’t I ever get a day off? Here I was hoping for a slow shake out day and an obligatory update after which I would whisk off for some nice tapas being served right around the corner. But no such luck – evil is as evil does and now I’m forced to actually post something productive. So here we go:
The E-Mini looked ready to rock and roll earlier this morning but has since dropped through our 25-hour SMA. Its also back below the daily NLBL that it conquered yesterday. Frankly I’m not too worried about it – tomorrow is this week’s last trading day that counts (I don’t expect much activity on Friday). And that NLBL is good until Monday, so this could stretch out.
However, that said – IF the spoos drop a bit more or hold below VWAP then the VIX just may close inside its 2.0 Bollinger. And that would mean it would have satisfied step two into a bonafide VIX sell signal. And that would be interesting, wouldn’t it?
Quick crude update – yes, the setups is officially busted after a sea of red hourly candles got us back to whence we came. I’ll be back to strike again if we push above the 100-hour SMA – whenever that happens.
A little freebie as I also want to show off some early afternoon coding efforts. I have now produced an inside day indicator so that I don’t always have to draw those lines – it started to get old. By the way, I also wrote an outside period indicator – you can see the labels on this chart plus I’m darkening the candles a little bit. I would actually prefer to draw blue outlines around the candle (like in NinjaTrader) but to my shame I don’t know how to do that and ThinkOrSwim is not responding to my support emails.
Anyway, the greenback is offering up an inside day + NR4 day. I would love to see an upside breach here which would really throw a curve ball at those Dollar bears. But of course I wouldn’t mind a drop below today’s lows tomorrow – less evil but potentially profitable nevertheless.
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