Richard Wyckoff developed a psychological model for tracking the emotions that play out during the topping and bottoming processes.
This chart shows the labels used by Wyckoff
The same labels fit the Russell 1000 and S&P 500, but are less obvious.
As you can see, we should see another bounce higher.
If it only partially retraces the “Upthrust” peak, this top will be very near the end.
What will follow should be the mark-down phase, which will end with a panic capitulation event.
We can then transition to Wyckoff’s method for tracking the bottoming process.
CBOE Warns VIX Futures Opening May Be Delayed
It would appear that the overnight melt-up exuberance of an optimistic investing public has been stymied as the exchanges break once again. Following record volume levels on VIX options this week, we are told this morning by CBOE:
*CBOE: CFE EXPERIENCING TECHNICAL ISSUES
*CBOE: CFE EXPECTING DELAYED OPENING FOR THE VX
*CBOE:CFE WILL BUST ERRANT VX, VXT TRADES FROM 7:00-7:12:01 CT
Jobless Claims Go Ballistic: Government Shutdown, Computer Glitch Blamed
Initial Jobless Claims spike 66k this week (the most since Sandy), to its 2nd highest print in 13 months.
Common sense tells us negative political comments could change market’s tone quickly.
Like to see gains hold, better still close near highs
The markets aren’t divorced from reality, but they are separated
Evidence: Stock Market Crash is Coming
We’re getting very close to a stock market crash. In this video we go into the technical evidence.