There was something for everyone, yesterday. ES plunged 30 points from its highs – exactly halfway to our 2533 target, sending VIX past our initial upside target and within sight of the next. At that point, VIX plunged 14%, sending ES 21 points higher to nail our bounce target.
At this point, it’s off about 7 — bouncing off the SMA20 (now at 2571.64) and nearing the SMA10. All in all, it’s been a pretty wild ride – one that I suspect isn’t quite over. While the dollar seems to have stabilized for the moment, USDJPY is clinging to support by its fingertips.
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