After allowing a six-session slump (that saw SPX nail our downside target), The Powers That Be can be forgiven for insisting on an overnight ramp job.
Last night, it was USDJPY pushing through horizontal resistance, VIX getting clobbered through three separate moving averages, and oil continuing a nice bounce off our 48.63 target. It should be enough to get SPX up over its SMA10 on the opening bell.
Since the bounce is mostly about oil’s “recovery,” we’ll focus today on what to expect over the next few weeks.
Oh, and for those of you who clicked on this post expecting to get their Debbie Harry fix, HERE YOU GO.
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