It was a nice short and bounce — 288 points (+9.8%) in three weeks — but it leaves us in that familiar and not so comfortable place of wondering whether there might be more.
While there are plenty of hints, the answer today should come from VIX — which will either bounce or break down below the purple trend line. Since I didn’t win the Mega Millions jackpot, I’ll have to contemplate whether RB and CL, which both tagged our next downside targets yesterday, have more in store.
Both have broken down below multi-year trend lines and will clearly play a role in October inflation data and, thus, what to expect from the embattled Fed.
This is about to get really interesting.
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