'Everybody needs to pay attention to this,' says NorthmanTrader
Something important happened in the U.S. stock market this week, and whether you’re bullish or bearish, I suggest you watch closely.
That’s not to say I’m right or I told you so; it’s just a technical acknowledgment that the sell zone has proven to be worth a fade and the volatility pattern has kicked in.The important part is what is happening with markets structurally from a technical perspective. Everybody needs to pay attention to this.
The where? Price perfectly tagged the broadening wedge we’ve been discussion and finally rejected from there: One of my technical criticisms of the rally and a favor in calling it a sell zone was internal weakness compared to previous highs.Structurally I’ve been pointing to the VIX looking for another breakout; the breakout happened this week.
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