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500 support, VIX resistance at the same time

By Chart School
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Courtesy of Chris Kimble 

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Support, highlighted in this post yesterday (see post here) remains in play (2). At the same time, falling channel resistance along line (1) is at hand right now.  No matter what the global news happens to be, these key support and resistance levels HAVE NOT BEEN BROKEN!

Now a "Bearish descending triangle" at (4) is taking shape.  Keeping SH position and am going to bring down the stop on SH to 1,192, was 1,211.  Will lock in gain, should the 500 index break the top of the descending triangle.  Should support give way, per the descending triangle, 1,130 could be tested in quick order.

 

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