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TSX Composite Index(TXCX)

Today's Change
Real-Time Last Update
Volatility (14d)Fourteen day volatility15.01%

VIX (VX) Weekly Doji Just Below Key 20 Level Ahead of NFP

Tradable Patterns - Fri Feb 3, 12:34AM CST
Wall Street - shutterstock_1321462397

VIX (VX) Weekly/Daily/4hr

The VIX (VIG23) is trying to halt the slide from October by rebounding off yesterday’s fresh 2023 low.  Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart).  Odds are higher for the VX to claw back above the psychologically key 20 whole figure level following today’s 830am EST release of the highly anticipated US Non-Farm Payrolls (NFP) and employment data and ISM services PMI at 10am EST, than it is for a further slide to downchannel support (on the daily chart).  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to premium subscribers who benefited from the March 17, 2020 warning of the pending slide in the VX, one day before its record high on the front month contract, or more recently from the Nov 30, 2021 alert of the growing probability of a rebound in the VIX and repeated Jan 18, 2022. Except for the still downsloping weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Thursday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on S&P500, NATURAL GAS

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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.