The bears made pushes lower today, as all three majors closed right around support levels. The INDU was the strongest of the three, down -1.1% on the session and closing just above 18,100 support. The S&P finished just below its support of 2,140, down -1.2% on the day. The Nasdaq also closed lower (down over -1.5%), but managed to settle on its 50-day MA.
Although the markets didn't close on their lows, the VIX did manage to touch 16.50 and close above 15. This level isn't a panic level by any means, but it does show more conviction than we have seen with bearish moves over the last couple weeks.
The markets are parked on support levels here and it wouldn't take much to push them lower. If the volatility can stay where it is or even a little higher, then we could see a little more downside.
See you on Wednesday's Mid-Week Trading Room Update class!
Have a great night,
Your Maverick Trading Team
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