US equities opened moderately higher, with the SPX breaking a new cycle high of 2816, but the gains were shaky from the open. By 11am, the market had turned red, and spiraled into the early afternoon to 2767. There was a strong bounce, but that didn't negate what was a powerful bearish reversal.
Volatility broke a new cycle low of 13.38, but then rebounded strongly to a high of 16.98, settling in the mid 14s.
|Sunshine for the bears|
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