PI at Large-

In today’s PI’s at Large segment, Paul Rodriguez, Director of ThinkTrading.com and Tim Price, Director at Price Value Portfolio takes a look at the number of possible scenarios that could unfold on the S&P 500 chart, discuss whether the VIX Index, popularly known as the ‘fear gauge’ is a leading, lagging or a coincident indicator and detail the outlook for GBP/EUR exchange rate.

The Wall Street’s ‘fear gauge’ or VIX index fell to 24-year low this week. Does it mean we are close to a major top on the S&P 500? A low VIX usually means risk-on and vice versa. But does the index really work as an advance indicator? Rodriguez says the VIX index does help in identifying major turnaround points in the market, but has to be read along with the price chart and general market conditions.
While talking about S&P 500, Rodriguez mentions 2510 is a key resistance and 2361 and 2322 as the key support levels to watch out for.
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