Setting up for volatility
|S&P 500 and many intraday whipsaws for bulls and bears – over 800K job market data downward revision was celebrated, Treasury auction barely noticed, and Fed minutes turning out a pump and dump. I choose the intraday breakdown rejection (no 5,615 and below) as the most technically important move in the run up to PMI today and Jackson Hole tomorrow. Intermarket, it‘s about the bond market and the constant watch over 75bp rate cut odds by Nov.
Here is what yesterday‘s mildly positive intraday total in our channel resulted in the VIX, volatility which is sure to pick up tomorrow.
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