We had yet another head fake last night, as SPX closed below the latest rising trend line, the channel top and the SMA10. Traditionally, these are all short-term negative indicators from a technical standpoint.
But, of course, short-term indicators can’t compare with the impact of a paradigmatic VIX beat down. It’s now off 30% since tagging our upside target last week.
We should get that changing of the guards we’ve been discussing for the past few days — either today or tomorrow. Keep an eye on USDJPY and CL/RBOB. The algos sure will be.
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