Yesterday’s death cross in VIX is officially in the books (the yellow arrow.) So, it’s no surprise that ES added another 10 points in the after-hours.Look for it to backtest the 1.272 it just broke through (2845.11) as soon as the SMA5 200 arrives on the scene. There are potential pitfalls ahead, of course. The Fed’s supposed reticence to take further action, a resolution to the China trade war, the meltup in oil and gas prices — these things are all baked into the current price.
With a Fed announcement and presser scheduled for tomorrow, the present meltup will soon get a chance to prove its resiliency.
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