Exit Signs

Twelve days ago, we noted that the equal-weighted S&P 500 had reached important resistance at the top of a channel dating back to the 2007 top [see: Run, Don’t Walk.]At the time, RSP hadn’t quite reached the 1.272 Fibonacci extension. Now it has. The only reason futures are up 23 points is because, as we discussed yesterday, VIX has experienced a bearish (bullish for stocks) 10/20 cross. Can the algos push to new highs, or is this the final warning to head for the exits?

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