📉 SPX & VIX Analysis: Fakeout Correction, and VIX Bull Diamond Patterns! 5/24/2024 Update

In this analysis, we delve into the SPX and VIX dynamics for the upcoming week. The SP500 is struggling to hold above 5300, facing resistance from a fakeout expanded flat correction, coinciding with a significant multi-decade resistance level dating back to the dot-com bubble. With the top of the expanded flat rising trendline, we anticipate a cap at 5400, signaling a potential correction towards $5000 after breaching $5200. Meanwhile, the VIX has settled around $12, forming bullish diamond patterns near key resistance levels, hinting at impending volatility.

📬 Disclaimer: For informational purposes only. Not financial advice. Trade at your own risk.

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