Fed Minutes day produced some intraday zaniness. I was basically “checked out” of the insanity all day long, as I chose to do something I hardly ever do, which is to stay completely out of the trading day. I was roaming the chilly streets of Cambridge, Massachusetts, glancing periodically at my iPhone to see what the ES and NQ were doing.
The market was up overall, but we are still completely unresolved. The giant unknown out there remains the Trade Talks, although every blessed day we get some kind of encouraging news about how well they are going (uh-huh). Below I show major indexes and what I consider important areas of resistance (usually horizontals, but sometimes broken trendlines).
As another sign that the one or two bears left on the planet are “tapping out”, here we see the VIX has busted its last remaining zone of support. There’s really no meaningful limit to how low volatility can grind at this point. Single digits again, anyone?