ES managed to hold those higher lows yesterday, bouncing 46 points from its 4am daily low. Both SPX and ES managed to close well above their SMA10s again.
The usual factors were at play. At one point, VIX was off by 18.4%. But, the real action came when, as we discussed, VIX dropped through TL and SMA200 support. The algos are still very much in charge and haven’t yet been given the green light for a meaningful backtest.
Could it come today?
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