The Big Picture: May 11, 2018

With the algos firmly back in control of stocks, it seemed like a good time to take a step back and look at the big picture.  The Iran matter changes a few things — with potentially much bigger changes to come.

We’ll start with VIX which, as expected, continues to get hammered — particularly when ES or SPX faces a specific hurdle such as SPX’s Fib 2.24 extension at 2702.78.

There’s a fairly well-formed channel guiding it lower, but the real action comes when it drops below previously established horizontal support — even if it’s only a brief shot across the bow.

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