When All Else Fails

As expected, VIX is leading algos by the nose into another pre-opening ramp job on OPEX. Note the timely drop through the red TL, the yellow TL and, for good measure, the 200-DMA. Meanwhile FAANG member and COVID-19 darling NFLX did reverse at its channel top (the white dot below) as we expected [see: FAANG Update.] It came within 5 points of our 444 target before bouncing. Keep an eye on it, as there’s much more downside if this support doesn’t hold.continued for members…