Writing On The Wall
I’m still wrapping up my site stack migration and only have enough time to drop a few salient charts. Nevertheless it’s worthwhile pointing out that we’ve been picking the swings like a runny nose over the past few weeks, which was no small feat.
First up this is the second session during which the ES futures did not touch VWAP a single time.
The first one was Thursday the 14th, which essentially kicked things off for us. If you’re not subscribed to the Zero yet then you only have yourself to blame.
If that isn’t clear enough: The SPX continues to paint gaps to the upside while IV is dropping like an Acme anvil.
Please note that the long standing support line on my IV-Z score indicator has finally been broken. We are ready for the Black Friday and Santa Rallies.
How that is going to work with container ships stuck in Long Beach I have no idea but I only work here.
Speaking of IV – the VIX has not only fallen back to support but it’s actually dropped right through it.
If you’re an option trader then the fact that we’ve dropped from a 24 reading just eight sessions ago to now 16 probably has not escaped your attention.
But wait – there is more!
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