Saved by the Bell

Futures have been all over the map since yesterday’s meltdown with a 198-pt swing in ES since it tagged our .382 Fib target.

As we’ve discussed, this was important support and allowed SPX/ES to bounce prior to dipping below Dec 2018’s lows.

Overnight, we’ve seen minor bounces in oil and USDJPY, which has encouraged the algos. The CB efforts continue to focus on supporting DXY and suppressing VIX, which came within a breath of its 2008 highs after slightly topping our 80.30 target.The big picture log and arith charts for SPX and ES all agree: any lower would trash the trends which have been in place since 2009.