In my review of the index charts last night, it was clear that Tuesday’s lows had accomplished only one thing: to verify the importance of the supporting trendlines. In chart after chart, support was challenged and held.
Thus, thus solid wall of green this morning is no surprise. Equities bottomed half an hour before yesterday’s closing bell, and they haven’t looked back. Now everyone is waiting for the Powell show, which begins half an hour after today’s opening bell.
In the meantime, the brief breath-of-life that the VIX got yesterday has been fully exhaled.
