The past two weeks in the market have been a lot like the Superbowl game: not much excitement as things crept toward a seemingly inevitable conclusion. Now that SPX has reached the red zone, are the bulls about to score?
ES came within .54 of our primary upside target this morning…
…meaning that SPX is quite likely to tag our favorite upside target of 2732.47 at or near the open.
VIX has cooperated, dipping below the SMA200 to tag both our targets: the yellow channel bottom yesterday and the gray channel bottom overnight. If the bears can get a turnover, this should be an excellent entry point for vol.
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