The chart(s) look quite ugly, both on 60min and daily time frame. On 60min chart there are though some positive signs:
- The drop yesterday was not as ugly as last friday (look at volume flow)
- Money flow started to show positive signs yesterday
- VIX still in trending down channel (note that on daily chart the VIX pattern is more bearish than on 60min)
Daily chart is a different story, I think it is not a good idea to dip buy quite yet.
SPY 60MIN & VIX 60MIN CHARTS
Also the “buy trend” is not really confirming the positive money flow since it shows flat readings. This is somewhat strange since they generally (should) move in the same direction.
SPY 15MIN, BUY TREND IS FLAT
