Well, another completely red Sunday night session has magically turned green, which echos what I concluded from Sunday’s Totally Bullish post. Nothing tells the story of the past year quite like the weekly VIX chart, which is basically a giant semi-circle, taking us from 13 to nearly 40 and then back down again. If you stand back far enough, it’s like a gigantic bearish frown.
The /ES has clawed its way about twenty-five points higher in the past few hours, although the angles of attack have been growing less sharp in recent days.
One of the very last wispy, faint hopes for a pulldown is found in the small cap (/RTY) futures, which thus far have respect trendline resistance.
There is a lot less going on this week in terms of huge earnings news and economic data, because last week was a three-ring circus. The big day this week, I suppose, would be Thursday, since AAPL and AMZN earnings come out after the closing bell and will pretty much wrap up this earnings cycle, unless stuff like the conference calls of Novo Nordisk really turns your crank.
