Fourth Time a Charm?

SPX is back above its SMA200. All it took was convening the Plunge Protection Team which was — purely by coincidence — followed by VIX collapsing from 36 to 15, WTI spiking from 42 to 55, and USDJPY ramping from 104.60 to 110.90.

The algos are very well versed in how to respond to such activities. They didn’t disappoint. The only question, now, is whether SPX can hold this important level of support. The last three times it was here, things didn’t go well for the bulls.continued for members…