Seems like the sp500 is forming a H&S pattern that is lining up for a drop down next week with perhaps a VIX spike
But for this to work we cannot exceed the price high of yesterday on a closing basis.
Remember 21st of August 2015 ? This mid to end of August seems to have a nasty habit of pulling the rug out from the market. Everything looks aligned that way this time around as well starting Monday of next week.
Ideal short opportunity Friday IMO.
The market is exhibiting this CREEPY sideways tendency. In the 2015 scenario that was going on for a much longer time period. This time around it has an extended upward slant to it. But at the end of the day we may get a similar outcome.
The DJIA had the huge gap and run Thursday reminiscent of that paulson rally in 2008. We should see a full retrace of this and gap fill and then continued down.