Bear Market Rallies Indeed

Recursive Buying Turned Selling

See my checklist of risks from:

My call this week was for more chop (doji on a weekly), but I also called for weakness into Oct OpEx Friday.

Yup, that’s in play as selling under the surface surged with VIX to 24 - much more than SPX sold off.

Remember my VIX3M:VIXSPOT ratio I highlighted this morning? It’s not market bullish until back above 1.10 now.