Those with a strong sell bias, who didn't get slapped around hard enough by last week's price action, are waking up this pre-market Monday with some issues to face.
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| SPX Daily |
Considering market confidence buying into Friday's close (last candle on the right) the question, as price presents itself on the above chart, becomes less 'will price break above 1950' but 'will price allow a safe confirmation entry to buy between today's open and SPX 2000?'
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| VIX Daily |
Adding to the stress level of undaunted shorts is the VIX where we see Friday's price slamming into daily support with no buyers, as puts deleverage from the scene, and approach the Fed's "whew!" VIX numbers: teens.
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| DXY Daily |
What upward markets have yet to reconcile is continued USD strength. Another topic for a future article.
Happy trading.
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