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Stock Market VIX Gets Jammed to a New 10-year Low

Stock-Markets / Stock Market 2017 May 02, 2017 - 11:32 AM GMT

By: Anthony_Cherniawski

Stock-Markets

VIX was jammed down to 9.90 toward the close today. This makes a new low not seen since December 15, 2006. That also means that Super Cycle Wave (b) may just be finishing in VIX.

I have to caution that the decline may not be complete, even though I have labeled it so. Today is just 4 days shy of a probable 540-week Super Cycle in the VIX, divisible by 4.3 and 3.1416. The normal Super Cycle in VIX is 516 weeks.


ZeroHedge had this to say, “As Nasdaq melts up faster than Bitcoin, perceived equity market risk has utterly collapsed.

VIX just hit 9.92 as Nasdaq hit 6,100 (note the most recent low is 9.39 from 12/15/06 and all-time low at 8.89 on 12/27/93)”

Meanwhile, NDX is making all-time new highs. Wave (5) has the appearance of an Orthodox Broadening Top that has extended above its upper trendline. A normal Wave relationship suggests Wave 5 equals Wave 1 at 5565.00. Today Wave 5 is currently 1.30 times the size of Wave 1. A 1.382 Fib relationship would suggest a target of 5660.11.

The surprise for the day is that SPX stayed beneath its Cycle Top at 2395.10. What this tells us is that all the strength of this market is in only a half dozen big NASDAQ stocks. Today’s action may also be a reversal pattern which may be resolved as early as tomorrow. Note that both Short-term support/resistance and the mid-Cycle (Intermediate-term) have both made bearish crosses.

We may see a resolution to this complex market in another day or so.

Regards,

Tony

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Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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