The grind higher continues, driven by an earnings beat by JPM and Chevron’s $33 billion offer for Anadarko. It hasn’t hurt that USDJPY has (again) spiked above its SMA200…
…and VIX is (again) testing trend line support dating back to its 8.56 lows on November 24, 2017.
As an aside, that 2017 low was a bit of a travesty. SPX was rolling over in the final hours of the last trading day before Thanksgiving [details HERE.] Out of nowhere and on zero news, VIX plunged 11.7% in a matter of seconds.
But, hey, all’s fair in love and algo-driven rallies. SPX melted up another 271 points (10.4%) over the next two months before giving it all back over the subsequent 9 sessions. 
Not to be too dramatic about it…but, whether or not VIX breaks down now will determine whether stocks remain in a holding pattern or go on to test their all-time highs.
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