SPX came within 2 points of our upside target yesterday in a VIX-inspired meltup that was focused on getting and keeping the index above the 2500 mark. While VIX has already staged obvious breakdowns of its rising yellow TL and rising purple channel, it has managed to keep stocks on the rise by simply drifting… Lower. Every. Day.
With ES up only 1.75 at present, it appears we’re not going to be presented with a reason to reverse just yet.
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