PPI for final goods was reported at 0.5% MoM and 4.0% YoY, much lower than legitimate estimates (those grounded in reality and free from punitive oversight.)

Combined with oil and VIX futures being hammered and a handful of positive earnings reports, SPX has reached its .886 Fib retracement at 6924.15. ES is still slightly shy of its at 6994.94.

VIX has now fallen 43.5% in the past 10 sessions, reaching potential channel and RSI TL support.

But, the bigger fundamental factor remains oil, which has declined in the face of the US blockade of Iranian exports.

Stay tuned…