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SHORT-TERM MODEL BELIEVES THE TREND IS DOWN, HODING BOTH LONG (TRAPPED) AND SHORT OVERNIGHT
The bottom line, bears finally made an impressive appearance but one day doesn’t make a trend, let’s see whether bears could impress us more in the following days.
A little bullish biased toward tomorrow because VIX rose 30%+ today, buy at close today sell at tomorrow close, you’d have 67% chances since the last 2,000 trading days. I know some people may remember that whenever VIX rose 24%+, 82% chances a green day the next day, but by applying more similar number, which is up 30%, to today’s case, I see less bullishness for tomorrow. My personal preferences are that testing 30%+ might be more appropriate but that’s always your call.