It has taken a strong bounce in CL/RBOB and a 6% smackdown in VIX just to produce a 6 point gain in futures this morning. But, for now at least, ES’ rising red channel remains intact.
Only if SPX/ES pushed back above their .886 Fibs would I have much faith in a bigger bounce.
Though the Turkish lira has strengthened a bit, the problem has clearly not gone away. It would need to return to below 6.5 to the euro and 5 to the USD to get back to merely rapid depreciation.
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