VIX RSI Divergence 11/24/2020
VIX at the daily view.
Whelp, there goes that ramp up from yesterday. VIX broke that small uptrend, but it wasn't much from the get go.
There is a bullish RSI divergence forming since November 11th. It wasn't until today that the divergence is actually noticeable. This RSI divergence might kick start a ramp up or uptrend in volatility. That said, I'm only going to take this one day at a time. Why? Making longer-term predictions tends to lock in our biases more. I only plan the next week or two out - especially in 2020 and the VIX.
I might go long on VIX if I see a clear uptrend and breakout pattern. So far, there is no solid signal of an imminent spike. We might get some "bunny hops" along the way though. Right now, the VIX is forming a potential bottoming pattern. It's still too early to tell other than the RSI divergence.
A VIX spike should be happening soon. VVIX is around 105. VIX Futures also show a bullish RSI divergence. ES is overextended from their major supports. That said, liquidity is still high and market internals are not looking too bad. Also, with the resistances above, I am not expecting a big wedge break too. If I were to guess when it will start, it should be next week that we see some signal. But again, I am taking this one day at a time.
Whelp, there goes that ramp up from yesterday. VIX broke that small uptrend, but it wasn't much from the get go.
There is a bullish RSI divergence forming since November 11th. It wasn't until today that the divergence is actually noticeable. This RSI divergence might kick start a ramp up or uptrend in volatility. That said, I'm only going to take this one day at a time. Why? Making longer-term predictions tends to lock in our biases more. I only plan the next week or two out - especially in 2020 and the VIX.
I might go long on VIX if I see a clear uptrend and breakout pattern. So far, there is no solid signal of an imminent spike. We might get some "bunny hops" along the way though. Right now, the VIX is forming a potential bottoming pattern. It's still too early to tell other than the RSI divergence.
A VIX spike should be happening soon. VVIX is around 105. VIX Futures also show a bullish RSI divergence. ES is overextended from their major supports. That said, liquidity is still high and market internals are not looking too bad. Also, with the resistances above, I am not expecting a big wedge break too. If I were to guess when it will start, it should be next week that we see some signal. But again, I am taking this one day at a time.
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