All Clear?

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SPX and ES tagged our downside targets yesterday and proceeded to close at overhead resistance. Of course, that was before the overnight ramp got started. Now, with oil and gas breaking out in response to much of the country re-opening and VIX taking a larger than usual pre-market dive……ES is up 37 points and seemingly in the clear.

Is it time to jump on board stocks again?

continued for members…ES is back above its SMA10, which is bullish. And, the SMA10 remains above the SMA20, also bullish. But, this puts SPX in a position to run into channel resistance unless the pre-market ramp can keep going after the bell.

Otherwise, this is another pause before the rest of the decline. CL’s “breakout” merely takes it back to the red TL connecting the 2009 and 2016 lows. RB’s “breakout” is running into resistance at the 2016 lows. USDJPY’s “breakout” will likely fail again.And, 2s10s is in danger of breaking out.This puts the bounce squarely in VIX’s court.UPDATE: 9:37 AM