Forget the fundamentals. Between USDJPY’s breakout and VIX’s smackdown (19% over the past two sessions), the bears are getting pummeled by algos.
As a result, ES’ falling white channel has been busted – meaning at least a delay in any additional downside.
continued for members…
The equity picture gets a little more muddled, though we still have a bearish 10/20 cross and 50/200 cross in place and the SMA200 remains staunch overhead resistance.
VIX is still quite capable of pushing the algos around, with the latest rising TL nearing a test.
The USDJPY’s continuing rally is driving the equity bounce, though EURUSD and DXY are taking a breather.
GC and SI are both settling lower…
…while BTC is getting a bounce after breaking down.
CL and RB both took it on the chin yesterday, allowing TNX to drop back down below its .886.
It remains broken out, however. So, this is likely a backtest (if that) and nothing more.
GLTA.