The RSI is stuck between 20-60 which indicates we’re still in a dowtrending period. We have overcame a┬ásignificant┬álevel of resistance (indicated by dotted line) by gapping up last week, so this is one line in the sand. As long as we find support near 2600-2605 level we should bounce and move higher.

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As long as the VIX continues to move lower the market should move higher. By historical standards we are in an area of high volatility so we do have room to fall.

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