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A Daily Chart of the major 'risk on' indexes.
Market Sentiment With RSI 5 For VIX...RSI 5 got oversold for VIX and Sto for VIX has turned higher.
Here we try to see where the support and resistance is.
Sto 14 got down to the 2 level while the volume momentum oscillator at the bottom got to and extreme level...the market bounced. Looks like we are going down for
a retest of these extreme conditions. During the bull market usually the market made a substantial low after getting this oversold...but there are times where it
makes another test. This is going to tell us a lot about this market. What happens after a retest.
The energy majors tend to run is well defined cycles and this chart is attempting to take advantage of the ups and downs of those cycles.
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