VIX annihilated investors from morning until close, reversing nearly all of its gains throughout the trading day.
Yields look climactic, setting up for a short-term reversal back down, at the very least.
Equities are holding their former key resistance that is now acting as support.
In the midst of this, perhaps distracted by memories of past follies, there is an extremely bullish technical data point that absolutely nobody is discussing after today:
Looking at today's series of events, we now know that yields can surge, the VIX can explode, while equities solidly hold onto key support levels that formerly acted as resistance.
While most everyone else is panic stricken at the first sign of weakness, walk into tomorrow's job report confidently knowing that today's market already told you how tomorrow will fare.
This market is carving out a new base from which the SPX will likely move up to 4650-4700.
The fervent apologists, chronic pessimists and dogged doubters amongst us are, once again, focused on the wrong price levels and data.
We will be looking to increase our positioning, as we have been for some weeks now, moving into a leveraged long position by early next week.
This bull market is a different beast. Treat it as such.
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