VIX has been spanked by over 14% since Friday afternoon, aiding a bounce in stocks that breaks plenty of chart pattern rules. Yesterday, it did more than backtest the falling white channel. It broke down, back into the channel overnight — all in order to ensure another gap higher today.
Combined with well-timed bounces in USDJPY and CL, we’ve seen backtests develop in SPX that would ordinarily mean a downturn. It wouldn’t be such a big deal if they weren’t setting up in practically everything I chart.
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