S&P and VIX – Volatality index

A week ago today I shared that the 500 Index was facing a 50/50 challenge (see chart below)…reflecting that the 500 index was setting on its 50% Fibonacci support level and the VIX (Fear Index) had just hit its 50 level, which was suggesting a counter trend rally was close at hand -End result due to this 50/50 situation….For the week, the 500 Index gained almost 5%.

S&P continuously coming up abv weekly levels last 2last week 1030 and last week 1130 it hold both these levels and now on FIboo levels it closed abvoe 1210 levels if it hold today then ally could be till 1240-1350 levels in coming days means 120-240 points on S&P means 1200-2400 points on dow….. lets see what happens as VIX is making lower highs and S&P lower lows this suggests some kind of stability and buying interest returning to US markets                             (source Kimble)