Will It Ever End?

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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