VIX versus SPY - Day Trade

The first chart is a 15 min. of the VIX and the second chart is the 5 minute SPY.

Last night in the technical post, we said, "If the VIX finds support and bounces at or near the blue line segment, a breakout on the S&P could get foiled. Failures, of course, are great opportunities for fast moves in the opposite direction."

It couldn't have been more clear in the opening minutes of the session after the big gap into support for the VIX and into resistance for SPY, that the fade was going to rip. Too bad we didn't get a whole lot of volume to back it up, but she was steady. I covered after the SPY printed a hammer just above a support zone. The attempt to retrace was really lame, on low volume, so I shorted the trendline break down to the second support level.

As usual, we rallied into the close, thus making the session as a whole, just another consolidation day in our narrow range box. More on that in the technical update later this evening.