Jackson Hole Day

SPX dithered and dallied yesterday, but in the end tagged our downside target before the supportive forces of rising oil and falling VIX came to the rescue.

Today, we’ll be watching for signs of policy changes from the brain trust gathered at Jackson Hole.  Currencies, which have been active all week, are already responding.  And, S&P futures have regained the SMA10.  Will they hold?

USDJPY, which has been limping along for the past week – is back above its own SMA10 and is clearly in supportive mode.  We would expect no less.But, oil, which came to within .06 of yesterday’s downside target before bouncing back above its SMA10 (sense a trend, here?) is already dragging — strange behavior considering all the anxiety tied to Hurricane Harvey.

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