Light Crude has not traded up overnight, which is a plus for the equity market. However, Light Crude still has not traded below the previous low pivot, so we are not in a new downtrend yet.
$TICK is showing some signs of bullishness, and we have had two days of downtrend on the ES 2-day Rate of Change indicator. We may see some buying pressure today in the equity market. However, the VIX closed at 28.54, and we still have not had a good spike above 30 yet, which is a negative.
Charles
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