sp'60min
Summary
*closing hour: renewed upside.. but the marginal new highs were not particularly reflected in the closing VIX.
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Despite the closing hour new high, there are clear reversals in other parts of the capital markets... such as the precious metals.
Having ramped from sp'1871 to 2090 (219pts) across 5 weeks, a retrace of 4-5% seems entirely natural.
Right now.. I'd only give a probability of 10% or so that we'll see a more powerful retrace to the gap zone of 1950. Frankly.. it seems just too difficult.. relative to recent price action.
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more later... on the VIX