volatility is picking up (UVXY)

we are coming off the first weekly higher low at all time lows since the corona bounce. we havent had a major weekly bounce since then. id imagine if we do close this week somewhat lower, and trend down into next week its likely to send uvxy over 21. if SPX continues its daily bounce next week id imagine were headed back to all time lows UVXY 13 or less.

Trade closed: target reached:

if you were long the past couple hours this is an area for profit taking

Trade closed: target reached:

this is a second profit taking area as we are pondering $19 i am all cash

Comment:

if we start holding above mid 18s and break low 19s this thing might still be long

Comment:

a big factor in pushing this up is multiple indices and sectors making new lows at the same time
tqqq spxl iwm xlf xle xlv

Comment:

if we hold mid 19s it probably will head toward upper 19s

Comment:

if we dont close over mid 19s i would call this quits and return to short

Comment:

daily inside bar potential to break bull is attempting to get over 14.69 the extended hours high the next level is around 15.24 if we see bearish conditions in broader markets

Trade closed: target reached:

im more comfortable going back to all cash at these levels