Fed Vice Chair Lael Brainard spoke yesterday providing some Flip Syde to the Tape - covering all the bases with a positive Traders uptake.
Large Traders took advantage off the recent lows and began bidding SPX for the squeeze while Retail began to follow their thesis of Lower Lows and a retest of the Lows - AAII reached nearly 51%.
X Sectors in the S&P staged a large relief rally with the exception being XLE for obvious reasons as Crude and Oil Majors were hammered lower. Crude ended the day down 5%+ while the DX was lower on EU Rate Decision front runs.
We are one week away from VIX Roll beginning and it appears there is an early retreat for Time to M2/V2 aka October.
The VIX Floor remains 20.50 / 28 the pivot for Higher.
VVIX in decline creates a gush of the potential onrush of VX Bids - 93.58 is the Pivot.
Bills, Notes, and Bonds saw a slight retreat, even TLT saw the 20 Year Yield provide reprieve - coming off the 3.75s for 20 Year Yields (Implied).
Market Internals during this shortened week, Wednesday was simply more Positive then Tuesday was Negative.
NYSE TICKs were sporadic and inconsistent Tuesday and Wednesday firmed the Tick.
Buying activity was not purely Sellers on Coverbuys, there was newer organic buying.
A positive for the Buyers (Bulls) which may digest ahead of Friday's Expiry or simply explode higher on the cross of 399.50, Bulls do not want to lose 394.00 - and the Trendline will need to provide extreme support.
Apple's big event... a sleeper IMHO. New Camera - Wide Angle. Price Points that will reduce their continuing Cult of Buyers. Marginal users are simply moving to Android and away from the Apple Ecosystem. They are discovering a better Value proposition for their needs - Apple's Global Market Share continues to decline markedly.
Apple needs to see 160.25 - 156.50 as the Breakup Level.
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