COMP’s Turn

Three sessions after SPX completed its Golden Cross, the NASDAQ Composite is set to join it.

Stocks continue to benefit from algos keying off of VIX, which has reached our next downside target… …and, USDJPY, which threatened a breakout from the falling white channel. As a result, ES popped through the last Fib resistance standing in its way from reaching new highs.Of course, there are other considerations.

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