It’s all about Draghi tomorrow and what the ECB will have decided regarding QE. In the meantime markets are continuing to see heavy chop along an ascending trend line that still acts as support.
Markets have continued to act weak and the ECB decision likely will provide an impetus as to the next larger move.
Both the $VIX and $NYSE charts make clear what’s at stake:
And yes it’s pretty binary and tomorrow before market open Draghi’s game will likely be driver of it all. For now resistance is in the 2029 zone on the $ES and up to the 50MA or around 2046 on the $SPX:
Categories: Daily Market Brief