VXX ends the day on a bearish note closing near the low of the day

iPath S&P 500 VIX Short-Term Futures ETN (VXX) Technical Analysis Report for May 17, 2018

Highlights

VXX closes below its opening price unable to hold early session gains
VXX closes lower for the 2nd day in a row
VXX ends the day on a bearish note closing near the low of the day
VXX breaks below previous session low

TQ Sentiment

Report Sentiment:
50% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, VXX finished Thursday at 34.90 losing $0.91 (-2.54%). Trading $0.48 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 35.57, the ETF confirms its breakout through the prior session's low having traded $0.80 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for VXX

Volatility

Thursday's trading range was $1.36 (3.81%), that's slightly below last trading month's daily average range of $1.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 34.51.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling might speed up should prices move below the close-by swing low at 34.51 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for iPath S&P 500 VIX Short-Term Futures ETN

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