How Bad is Today’s Sell Off?

As long as the rising white channel isn’t broken, then we still have a breakout on our hands.  And, remember, this is a breakout of a breakout.  Channel support is around 2625.There are plenty of downside targets is 2625 doesn’t hold.  But, since VIX is already being beat back from its earlier highs, I wouldn’t hold my breath.  A bounce by DXY and USDJPY would also do the trick.The question on everyone’s mind: can the politicians (and Draghi) keep their mouths shut long enough for the bounce to take hold?

 

Comments are closed.