Yesterday, the S&P 500 jumped by about 1.2%, following a sharp move lower in the VIX. It was the usual implied volatility dump and equity market pump. Nothing special.
Maybe a portion of it was some relief that perhaps the new COVID variant might turn out to be less severe, but I still contend that declines of last week had little if anything to do with COVID to begin with.
The S&P 500 topped out Monday around 4610, which also happened to be the highs from Friday before the big dump lower. At this point, there was not enough here to change any viewpoints. There was nothing special about Monday, and it was pretty dull. I still saw 4360 coming.
NASDAQ
The NASDAQ futures were trading in a strong channel, moving higher yesterday to resistance at 15,900 and then stopped. We should see a reversal lower down to 15,530 again over the next two days.
AUD/JPY
The AUD/JPY FX cross looked like it may be ready to take another tumble, with a move down to 77.95 or so. It has been a good leading indicator of where the S&P 500 goes and is a good way to gauge the overall risk appetite in the market.
Netflix
Netflix (NASDAQ:NFLX) has been fighting for its survival, as the stock was sitting on a significant uptrend. However, the RSI uptrend was broken, which suggested the uptrend in the price should also break.
Uber
Uber Technologies (NYSE:UBER) snapped higher yesterday, and it had some tough resistance at $38.85 that needed to be cleared; after that, it has a shot at $43.
GE
General Electric (NYSE:GE) fell through support the other day at $95.75, and on Monday it climbed back to that price, but failed to push through, which seemed to be a common trend across the market Monday.
