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With the Dow trading negative on the year and the S&P slipping below it’s 200-day, is the market doomed to the malaise of last summer?Now, more than ever, the Fast Money traders suggest watching a few key technical levels as you attempt to answer that question.S&P Technicals
Steve Grasso says in the near-term how the market behaves between 1285 and 1275 will be telling. 1285 was a level of strong resistance last October – 1284 is the 200-day moving average and 1275 was the Egypt bottom. The range should generate strong support.However, if it doesn’t – Grasso thinks it’s likely the market trades down to flat on year which is 1257.CBOE Volatility Index
Both Pete and Jon Najarian suggest keeping a close eye on the Vix. “Ever since the Vix broke above the 50-day on May 3rd, Pete Najarian has been concerned.“Then on May 4th it broke above the 100-day at 19. Now it’s above the 200-day above 25,” he says. That’s a negative trend and a cause for concern.“Not until the Vix trades back down to about 19 would I start to feel bullish again,” he tells us.
Posted by CNBC's Lee Brodie
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VIX News & Analysis
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