What follows are the topics covered in this weekend's note to subscribers. To become a client of Zenolytics Turning Points or to learn more click here.
What follows is an excerpt from this weekend's 272nd Edition of Zenolytics Turning Points:
MARKET UPDATE
In a year strewn with volatility, the fact that we just saw one of the tightest weekly ranges of the year is a subtle, yet extremely important hint at where we find ourselves within this bear market cycle.
Before getting to the details, let's look at an illustration of the collapse in volatility, as expressed by the volatility index of the VIX.
The VVIX is a chart I have shown in the past. Here it is after this week:
We are essentially seeing a breakdown in the volatility expectations moving forward for the VIX.
There are numerous explanations as to why this is occurring as world events seem to dictate anything but the relative calm the above chart is suggesting.
The VVIX, however, gets a whole lot more interesting when you consider what the S&P 500 did this week versus some historically significant support and resistance zones that I have been highlighting for years now.
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