Nerve wrecking trading session today with the E-mini S&P500 and several volatility indexes retesting critical resistance and support levels respectively. As far as the E-mini is concerned, the 956.5 level was retested near the end of the trading session and as soon as it was reached, it collapsed to close at 942.
In addition we saw a convergence of the most important volatility indexes, that is the VIX, VXO, and QQV. As we pointed out earlier today the markets opened higher putting downward pressure on volatility in fact at some point it seemed as if the different support levels would be penetrated but they managed to hold, in fact the levels were under pressure for the vast majority of the trading session except close to the finish of trading. As for the actual levels, on the 5/20/09, 6/08/09 and today the VIX reached an intraday low of 26,57, 26,41 and 26,81 respectively. As for the VXO the dates were the 5/20/09, 6/09/09 and today with readings of 26,51, 26,55 and 26,43 respectively.
Below is a 400 minute E-mini chart we presented already but in the last days the formation has stretched and become more complex coinciding with the lateral movement we have had in the markets for the last week. We have drawn two red circles which represent intraday highs around the important resistance level of 956.5. Markets tomorrow should be heading for the support level at the 920 level and well see if that holds, which judging by the daily volatility patterns that has been evolving would imply breaking through that level.
In addition we saw a convergence of the most important volatility indexes, that is the VIX, VXO, and QQV. As we pointed out earlier today the markets opened higher putting downward pressure on volatility in fact at some point it seemed as if the different support levels would be penetrated but they managed to hold, in fact the levels were under pressure for the vast majority of the trading session except close to the finish of trading. As for the actual levels, on the 5/20/09, 6/08/09 and today the VIX reached an intraday low of 26,57, 26,41 and 26,81 respectively. As for the VXO the dates were the 5/20/09, 6/09/09 and today with readings of 26,51, 26,55 and 26,43 respectively.
Below is a 400 minute E-mini chart we presented already but in the last days the formation has stretched and become more complex coinciding with the lateral movement we have had in the markets for the last week. We have drawn two red circles which represent intraday highs around the important resistance level of 956.5. Markets tomorrow should be heading for the support level at the 920 level and well see if that holds, which judging by the daily volatility patterns that has been evolving would imply breaking through that level.
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