Selling pressure continued today but was already muted compared to yesterday’s trading. The markets mainly went sideways with a slight downward drift. It is now sitting at the significant support at 50-day MA and long-term support line that was forming since May, and I expect it to hold to some extent. The VIX is in contango, indicating that traders are not panicking and buying protection yet. Unless we receive super lousy, shocking news, I expect this market to go higher from here, but that move may not be significant. More likely sideways to higher movement.
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