With futures up 18 points and the S&P 500 closing 17.37 points below last week’s all-time highs, we should know pretty quickly which way the winds will blow today. As is often the case, VIX has been driving the algos with shots across the bow as needed — three so far. It’s enough to establish an obvious trend line which could easily be broken.
We got the test of the SMA200 we expected on Friday, and the subsequent very precise test of the red channel bottom from Nov 2017 at 8AM this morning. At this time, however, the key will be whether that little red TL from the overnight lows can hold.
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