Spotlight on VXX

VXX, which measures short-term S&P 500 volatility, reached a bear market target we’ve been using for weeks to stay on the right side of the stock market. The actual low occurred at 11.66, exactly 0.06 points beneath our Hidden Pivot support at 11.72.  If it doesn’t turn higher from here, look for more slippage to 11.27, an alternative target derived from using night bars for VXX.  It is already at all-time lows, but if it goes still lower that would imply the broad averages are certain to continue to ratchet higher into record territory of their own.  Subscribers bought VXX calls early in Monday’s session, so check the discussion log for details.