Another overnight session of VIX being hammered back below the SMA10 and melting up futures… Will it ever end?
ES spent hours bouncing at its SMA10 yesterday, finally breaking down – perhaps as carbon-based investors began contemplating the Fed’s dilemma. But, no surprise, VIX cratered into the close and got ES back above its SMA10 just in time.
SPX is on session #18 with a close above its own SMA10, with two of those coming late in the day on a VIX smackdown.
It appears that the algos are betting on VIX avoiding a bullish (bearish for stocks) 10/20 cross. I believe they’re wrong this time. I believe our 10% correction has finally arrived.
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