Futures were flat until 8:00, when VIX’s pre-opening dump was unleashed, popping ES back above its 10-DMA. ES studiously avoided retaking its SMA10 at yesterday’s close, slumping almost 40 points from its highs.
Today, the battle should be between VIX’s continuing beatdown – now 16% off Tuesday’s highs – and USDJPY’s impending death cross.
As always, ignore the politicians, particularly Dr. (not) Steven Mnuchin’s prediction that most, if not all, of the economy should be open by later in the summer.
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