Vet is the lead contributor for ITG. In this video, Vet examines the current market trends for the week of May 8th-13th and offers insight using his proprietary Momentum Indicator.
Recorded 40-minutes before the Market Open on May 8th, Vet discusses a three-way chart which consists of the SPX, VIX, and the Dollar (DXY). According to Vet, the market is currently in a state of balance, with supply and demand overlapping each other.
Vet is seeing the market having a potential push higher before finding a bottom, and expresses a desire to see the SPX find a bottom, or if not, go to last week's high. Vet also highlights the time fibs, with the next one coming up on Thursday, May 11th.
Vet then delves into the oversold weekly and daily dollar, and the daily VIX coming back down to an oversold level. The market is set up for a big move, which could potentially breach the new yearly highs and reach 4220 on SPX, but our eyes are still watching that ever important 4056 level.
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