Amazingly, another drop below key levels and another comeback to hold. SPX dipped below its YR2 for the 3rd time this month and instead of turning into rejection rallied back to close above. Similarly, VIX held 2HP resistance also for the 3rd time this month.

DXY was crushed but the biggest losses were in the emerging markets and Brazil EWZ especially.

For USA mains it was another save by the bulls. I'm thinking we will see breakdown before new highs but market strength has surprised me the last few weeks. We'll see what happens.

SPX and VIX below.