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VIX, SPX, SPY, IWM follow up

|Includes: SPDR S&P 500 Trust ETF (SPY)

VoodooTrader.blogspot.com

VIX, SPX, SPY, IWM follow up
 
VIX - In the midst of  the 'pop' sited on June 10, it is currently above prior resistance (now support) @ 19.53 today and broke out briefly through the last line of moving average resistance currently at 21.09 with HOD of 21.25. Today is the 3rd test of this moving average resistance the first in  Nov/Dec 2010, the second on March 17, 2011. The build up into today tends to suggest that volatility will be with us for some time to come - possibly through most of the summer. As noted before it is a fickle thing but worth keeping this in mind over the short term.
On a continuation of the uptrend, all moving averages will be support above 21.09. Fib resistance is 23.32, 26.06, 28.81.
MA support will be 21.09, 19.47, 17.88.
Fib support 19.84.

SPX - 1286.2 Fib resistance level proving to be quite formidable as lower highs & lows continue on from May 2 and we get ever so close to that psychological (it might as well be mystical) 1250 Fib support. As noted last week - I think that if any support shows up at all it would have to be 1233.7 but given the state of good news/bad news ratio - which seems to always be 1 good to10 bad lately - 1233.7 may just be a side note. It feels like we are due for a hard drop soon. 
Resistance - MA 1299.2, Fib 1286.2
Support  - MA 1238.7, 1194.1, Fib 1233.77, 1190, 1148.4


IWM - As of this note Short recommendation is +1.46% from June 8.
 Traded below Fib support at 78.18 briefly before bouncing back somewhat - the trend lower is still intact and would continue to be short this until at least 75.58 where the second line of moving average support is moving up from 75.24. I will revisit this when that moving average gets tested and depending on how quickly that happens - I may continue with the short recommendation. My stop loss for now would be just above moving average resistance around 80.78-81 which is roughly 2.17% from 79.24 entry.


NET NET - 
Recommend keeping the short on for now. Looking for $75.58 or better.


SPY - As of this note - if you kicked out your SPY Long you saved some $$ here. If you shorted it off of this note @ 129.87 moving average resistance then your are up 2.19% from June 9. Here also continue to see lower lows as any rally gets turned back at that first level of ma resistance @ 129.87. The downtrend is still intact here and the range continues to widen. As mentioned in SPX  - that mystical/psychological level of 1250/126 is getting closer to becoming reality. If it breaks down through 126 second level of ma support is currently at 124.07 followed by 119.60. For a stop loss level I would suggest 131.90 which is about 1.53% from 129.87 entry. There is major price support/resistance at that level.
Support - MA 124.07, 119.60, Fibs - 125.20,123.74,119.2
Resistance  - MA 129.87, Fibs 128.82

NET NET - Still flat to short small if you care down to 126 level, just be mindful of the 'mystical' support @ 126. I am more comfortable being short IWM than SPY at this juncture - although that will probably change depending on how hard and fast we get to & or through 1250/126.