This week I am only showing two charts, the SPX daily and the VIX weekly. The daily action has been very interesting to say the least. Note the yellow support line we double bottomed on this week is actually the lowest tails of the cluster support areas we saw on last weeks chart. This is a very good reversal sign but will it hold. The VIX gives us an indication that it will by retracting below it's closure of last week. Keep in mind that this is not a reversal into an up trend but merely a bounce off support for a continuation of a sideways trend. Keep your eye on the channel at hand and trade it for what it is, not what you want it to be. Hope you enjoyed the last weekly wrap of August! Trade to trade well. J.R.
click here for August
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