CBOE Volatility Index® #VIX @petenajarian @jonnajarian #ITSNOTANOPTION 📙 April 29th 2026

Key Concepts

• Market Indices: NASDAQ, Dow Jones Industrial Average (Dow), and S&P 500.
• Volatility/Price Action: The movement of indices within specific trading ranges.
• Earnings Anticipation: The impact of upcoming corporate earnings reports on market sentiment and price stability.
• Support Levels: Price points (specifically 18) where an asset or index finds buying interest.

Market Performance Analysis

The discussion centers on the recent performance of major U.S. stock indices, noting a shift in market leadership and volatility.

• Divergent Index Performance: The speakers observe a rotation in market pressure. While the NASDAQ faced significant downward pressure ("getting cracked") in the previous session, the focus shifted to the Dow Jones Industrial Average in the current session. Meanwhile, the NASDAQ has shown relative resilience, remaining essentially flat, while the S&P 500 experienced a minor decline of 0.1%.
• Price Range and Support Levels: A specific technical focus is placed on the "18" level. The speakers confirm that their previous prediction—that the market would test levels below 18—was accurate. The index reached a low of 17.80 yesterday. The current trading range is identified as 17.80 to 18.45, with the price currently hovering slightly above the 18 mark.

Market Dynamics and Influencing Factors

The speakers analyze the speed and nature of the recent market decline, noting that the S&P 500 has moved down "significantly and fairly fast" over the last two sessions.

• Earnings Impact: A key argument presented is that the current price stability around the 18 level is likely influenced by investor anticipation of upcoming earnings reports. The speakers suggest that the uncertainty or potential for positive surprises regarding "earnings tonight" is acting as a buffer, keeping the index "a little bit elevated" rather than allowing it to break decisively below the 18 support level.
• Predictive Accuracy: The dialogue highlights the effectiveness of their previous technical assessment, noting that the market followed the projected path of testing the 17.80 level.

Synthesis and Conclusion

The market is currently characterized by a "tug-of-war" between technical downward pressure and fundamental anticipation. While the indices have shown a rapid decline, the 18 level serves as a critical psychological and technical pivot point. The consensus is that while further downside is possible, the immediate market behavior is being dictated by the impending earnings cycle, which is currently preventing a deeper sell-off. The speakers maintain a cautious outlook, acknowledging that the market is accurately reflecting the current volatility but remains sensitive to the upcoming corporate data.