SPY:$VIX data supports a bounce today

Yesterday the SPY:$VIX was down approx 22%

Below you can see the dates this previously occurred and the corresponding morning gaps, and closes. This data suggests we may see a tradable morning low. The set is somewhat small though...

Other daily data suggests we are oversold short term and may see a bounce.

I took longs at 1313.75ES with a stop below yesterday lows. Continued basing in this 1314ES will have me keeping my longs for the day.

Only on the flash crash was there a close below -0.24%

The way we dropped from new highs has me believing that even if this is the start of a new downtrend, the probabilities of seeing a bounce here are quite high.

Edited by orange, 23 February 2011 - 09:41 AM.

I just realized there was an output error in that spreadsheet... The values look wrong, ill fix that and update in a moment... Edit: Correction ... The second column is the open-to-close, not the close-to-close

Edited by orange, 23 February 2011 - 09:59 AM.