7/25/2016

SPX set still congested with the lower YR1s holding as support and the upper YR1s acting as resistance. How is this possible? Well, SPY and ES1 YR1 are relatively higher than SPX and ESU. Check the charts below for the large red crosses (YR1s) and you'll see. Hard to draw a firm conclusion here; right now the indecision continues. Above the resistance would be bullish; break of support would be bearish.

VIX / XIV not helping with any clues today. NYA looks bit more bearish with rejection of Q3R1, but IWM holding, so similarly mixed. 

The selloff blamed on oil and that does look like a YP rejection on the CL1 contract. It really needs to hold 1HP as support. 

SPY, ES1, SPX, ESU, CL1 all below.