SPX made an impulse down and may be finishing the retracement as I write. Instead of the 50-day acting as resistance we now have the mid-Cycle resistance at 2076.32 in its place. Stock options “mature” at 3:00 pm, so there may be a let-down into the close.

VIX is still at its daily low. However, ZeroHedge reports massive buying of VIX ETNs this afternoon for downside protection.

Regards,

Tony

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