Markets started the rebound I was looking for over the past 1 week and is still in rebound mode so far. However my expecations is that this rebound will die ,, and another very large sell off will occur to new lows.
To make it short:
1. SPX likely headed to test MA50 early this week and then get rejected and sell off again, but bulls got the hand on this rebound for now , so keep a close eye on a turn to downside again.
2. VIX is near some major support – I think VIX will bottom early this week and start a sharp rally higher again.
3. NYSI remains on sell signal and tells us that stocks could see more downside – possible a lot more before a larger bottom is in , so we remain in correction phase.
4. Gold will see a massive breakout higher wiht silver and I believe small miners are still extremely cheap at those levels.
Conclusion: All in all – I expect this rebound to fail , possible early this week and then another massive sell off will start (the more panic wave down – where people are going to panic sell everything)
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