The $spy is now negative on the year about 1% or so at $2040 on the SP500. The 100 Day MA is at 2042. If we can reclaim it within the next two sessions or so I think a short term bottom is in, which can propel us into our next leg higher into May. Watch the action. If we fail to reclaim the 100 day. We are very likely to hit $spy 202 and we could fall even as far as $2000 on the SP500. I am long $spy calls for a trade and looking for a bounce here at these levels.
$vix is still in pretty steep contango even though it has risen from under $13 to back over $17.
$vix is still in pretty steep contango even though it has risen from under $13 to back over $17.