Defense

Image ~ October 24October 24 ~ Stephen Harlin, MD

Screen Shot 2018-10-24 at 3.16.37 PM

Volatility continuation.

Image ~ October 22October 22 ~ Stephen Harlin, MD

Screen Shot 2018-10-22 at 12.33.05 PM

As an asset class, volatility has gained more in the last week than the S&P 500 has gained YTD.

Bullish close on S&P 500

Image ~ October 19 ~ Stephen Harlin, MD

19.19_EOD

Structure Recap for the Week

Image ~ October 19 ~ Stephen Harlin, MD

2018-10-19-TOS_CHARTS_2

Down-auction followed by balance.

October 19 ~ Stephen Harlin, MD

2018-10-19-TOS_CHARTS

As price broke out of the bracket at ~$279, yesterday, it was not until $275 that buyers came in. That down-auction, followed by a period of balance is consistent with long liquidation. At settlement, Thursday’s fairest price was $276.47 – consistent with that earlier in the week. In summary, yesterday’s down-auction represented a retest of structural support. This leaves the short-term uptrend intact.