If you’re looking for a reason for ES’ 12-pt rally off yesterday’s lows, look no further than the usual VIX dump and oil ramp. Within a few minutes of each other, oil recovered above its SMA200 and VIX reversed off what was a promising (for bears) rally.
Consequently, ES and SPX recovered back above their SMA10/20s just as the cross went negative. Funny how that seems to happen over and over again.
The key question: can oil’s ramp continue, now that the UK’s inflation data (+2.3% YoY) has joined the US in exposing the problem with $50 oil?
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