Week 3 produced a huge increase in volume on the movement to the downside. Pulling out to a weekly timeframe and looking once again at a Fibonacci retracement we remain at the 50% retracement level with a bearish weekly candle.
We broke down below the 20-MA and 50-MA, a bearish sign. We would be looking for a lower high to be put in on the daily’s which would indicate the end of the uptrend.
The VIX jumped up to the 27 level from down in the upper teens. It would make sense to see a move up into the 30s before pulling back.
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