Moment of Truth

Algos continue to prop up stocks. This morning, VIX tested its 200-day moving average yet again, setting the stage for SPX to join ES in completing a golden cross. It will either be a springboard to new highs or, as we discussed on Tuesday [see: The Big Picture], a nasty headfake.

It’s another moment of truth for stocks which seemingly everyone agrees are way ahead of fundamentals.

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