Despite better than expected economic data this morning, both ES and SPX have now seen their channels from last March break down. Most of the algo factors driving them have also broken down.
Unless Congress or the Fed pulls a stimulus rabbit out of their hats, things are going to get even messier going forward.
ES fell through our next downside target yesterday, reversing only after SPX had shed over 100 points and DJIA approached a 1,000-point loss…
…and VIX tagged our next upside target.
Note that while September Durable Goods Orders beat expectations, it has yet to regain its former highs.
And COVID-19 cases and deaths continue to rise in most countries, with many posting alarming rates of growth and new all-time highs.
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