Top 5 Weekly Trade Ideas #5 - VX Critical Support

To wrap up the ideas for this week I have to choose VX, I don't trade it directly but it will be key to determine the direction for the rest of the week. So far it has held around 18.40, which was also last week's low. In addition to the 18.40 support here we also have trendline support. First upside target would be around 18.90 and then 19.40.

Last week's low is one of the most critical things in the market right now for this week if you ask me. If VX ends up failing here, we will most likely see the melt up continue and gain momentum. Otherwise we may chop around if VX holds the range, if it happens to break above 19.40 that's when it comes time to be bearish on ES.