Did you hear it? Even on a day like yesterday, with ridiculously low volume, VIX was still whispering in algos’ ears, “look how much I’ve fallen….in fact, I just broke down…time to buy.”
Never mind the fact that its regular overnight ramp job (when futures are easily propped up) was the only reason it had room to fall. And, never mind the fact that the “breakdown” was manufactured for the algos benefit. They love this stuff all the same.
It was enough to levitate SPX out of its falling channel (the purple arrow) and, then, above trend line resistance (the yellow.)
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