The markets pushed hard to the downside this morning, only to recover the majority of their losses throughout the day and into the close. All three of the major markets pushed below support levels today (which looked like a repeat of Tuesday's move lower), but support held.
This has been the strongest attempt at breaking support in a while, as the VIX spiked to 18 at one point during the session. Even though support held today and we did get a substantial recovery, volatility has been climbing all week. The markets could be trying to put in a bottom here. However, until the VIX starts to decline, we can expect support to continue to be threatened.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
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