Algos took their Sunday night ramp and ran with it yesterday. Unlike last week’s breakout, ES was careful this time to break out of and backtest the falling red channel – thanks largely to a 26% plunge in VIX.
While all the attention is on stocks, we should note that currencies continue to play an important role in supporting them. Notably, USDJPY reached our next upside target and EURUSD is nearing our next downside target.
Today, we’ll take a look at next steps.
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