Charts I’m Watching: Jun 7, 2023

Futures are flat ahead of tomorrow’s initial claims…

…with VIX plumbing lows not seen since Feb 14, 2020, a mere 10 days before it broke out and soared to 85.47.As we’ve noted countless times, SPX broke out of its 2020-2022 decline only after VIX was hammered below a trend line dating back to Jan 2018.

If it breaks above the Aug 16, 2022 highs of 4325, it will require lower lows by VIX. Otherwise, 4311.69 remains important overhead resistance.

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