As we suspected, Wednesday’s lows weren’t enough to generate a sustainable bounce. We’re seeing the aftermath of that premature technical bounce this morning. Our long held bearish position on EURUSD, for instance, is finally gathering a little momentum.The challenge for bears remains SPX’s 50-day moving average, currently at 5105. If VIX can remain below 18.50, … continue reading →
Tag Archives: OPEX
Keep an eye on home sales, due out at 10am ET. Shelter has been one of the more problematic categories of inflation for the Fed, showing a 6.2% annual increase in December. Without a doubt, it remains the biggest impediment to getting inflation back down to 2%. Like yesterday, the overnight ramp has faded as … continue reading →
If Jay Powell’s comments were intended to spur the market to new highs, NY Fed President John Williams’ were intended to slow the roll. On CNBC this morning: “We aren’t really talking about rate cuts right now…we’re very focused on the question in front of us, which as chair Powell said… is, have we gotten … continue reading →
The OPEX overnight ramp faltered with news of the UAW strike. Futures are currently off slightly despite VIX falling to levels not seen since Jan 2020. continued for members… … continue reading →
Futures have broken out on a new VIX “breakdown” and the runup in NVDA shares – now the 4th largest component of the S&P500.This seems off to us, as Powell is likely to come out more hawkish than expected in his Jackson Hole comments. continued for members… … continue reading →
Futures are sagging after powering through another key Fibonacci level. At this point, the only question is whether or not we see a backtest. With OPEX coming up tomorrow, it’s unclear whether we could get a full backtest of the .786 at 4534.63. continued for members… … continue reading →
Futures are off about 30 points on disappointing earnings from stocks such as TSLA, AXP, KEY, etc. and a continuing slump in oil and gas. VIX is even popping as we approach the open. If it holds, the rollover in equities will have officially begun. continued for members… … continue reading →
Futures are off moderately on light volume… … and, surprise!, a rebound in VX futures, but not VIX itself. Oh yeah, Friday is OPEX. continued for members… … continue reading →
Seemingly on a rail, VIX’s bump took it only to the top of the falling red channel in place for over a month. A failure to break out means ES can top its 361.8 Fib extension and reach its IH&S targets. continued for members… … continue reading →
In yet another reminder of their sway over the markets, the algos have brought stocks to the brink of a breakout by putting VIX at the brink of another breakdown. continued for members… … continue reading →