$VIX
Added 2023-10-31 22:10:33 +0000 UTCDown -8% and at 18 now after hitting the yellow trend line at a high of 23.
The market has started off the week quite strong and has bounced out of the 410 danger zone and is already up at $418 now but it is still not out of the clear but this strength is certainly welcomed.
The VIX is coming down to the 200 Day MA now 17.50....we would like to see this not hold support, if it holds support and bounces, then it means the market is going down again.
The market is still on a knife edge and we have a very important day tomorrow as J Powell will announce if the Fed will change the current interest rate.
I do not believe any interest rate needs to be changed here, doing nothing tomorrow is certainly the right thing to do for the market......but Powell is only focused on inflation, if he increases the rate then I believe the market will be under pressure tomorrow.
So calm heads tomorrow, there will likely be unease for the day, try not to look at the PM or much of the market until Powell speaks....easier said than done.
