SPX hit our initial downside target yesterday: a backtest of the 1.618 Fib extension at 3306.51. USDJPY and CL also tagged their initial downside targets and bounced. Combined with VIX being hammered as it neared its SMA100, this was enough to produce a gain on the day which accelerated into the after-hours.
Ironically, SPX missed tagging its SMA10, and even came up short of where the SMA10 would be after the close. ES, however, tagged its newly minted SMA10 and has bounced back to within 0.50 of its all-time highs as VIX threatens another index-boosting breakdown.
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