Futures are up modestly on a truly dreadful Sept jobs print (+194K vs 500K consensus.) But, it was really the collapse in VIX that ensured a green open.

VIX is now back below the SMA200 and channel top and is testing its SMA50 — all the algos needed to know.

continued for members…

ES’ bounce has just about reached the top of the falling white channel. It puts the 1.272 extension of both legs down since the Sep 3 highs right at the SMA200 and white 1.618 Fib In other words, our 4153 target remains intact.

SPX flirted with a white channel breakout yesterday, but since backed off. Note that VIX has created another opportunity for a breakdown if needed. Push has definitely come to shove. We’re still looking at a supportive USDJPY and naysaying DXY. While CL and RB continue to inch higher.