The VIX got walloped just after challenging the 50-day Moving Average this morning. It appears that someone didn’t want to see the equities markets go down after the tax plan was announced. Thus far the lows are higher, so there is no apparent threat to the VIX. However, it may mean that the “big one” may come overnight so they can blame it on other news.

ZeroHedge comments, “Sometimes you just have to laugh...

VIX was smashed to 9 handle to ensure that the market signals its approval of the Trump Tax plan...”

The decline in SPX was stopped at the Short-term support line. Depending on how you read today’s actions, we may see SPX close at breakeven, or at the 2581.00 to 2583.00 range that we discussed this morning. I am reading this as a 1-2, [i]-[ii] scenario.

The last half hour should give us some indication of what’s next.

Regards,

Tony

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