Yesterday's Bullish Reversal: Sustainable or Not?

With the $VIX still trading in the mid 20's it's still too soon to say if yesterday's rally is sustainable, but there's a very good chance it is: 

• The $VIX breakout to 35.3 was quickly faded
• Algos were triggered to buy the Nasdaq at the 200 day SMA
• Oil plummets, after an insane 2 day flash surge. Did I warn you not to play with fire? 
• Social media is no longer dominated by prolonged Iran war fear porn = a sentiment shift

Let's Get Right to The Charts 

Dow Jones Trump 47 (as in 47,000) support - as called out over the weekend  [link]  

Trump 47 Chart

$COMPQ Nasdaq Composite bounces out of the hole - still trading in a sideways range 

NASDAQ DCS Chart 

$JMGMX (JP Morgan Mid Cap Growth) trading in a downturned wedge, or triangle, aka a pennant pattern. You decide...  

$JMGMX chart 

Looking At The Calendar 

1. Don't Forget March is a Window Dressing Month 

2. The Next FOMC Meeting In Focus 1 Week From Today - kicks off on St. Patrick's day -watch for floor traders to be knocking back some Jameson shots, as they watch their puts evaporate. 

3. March Options Expiration on the 20th 

4. Passover Start April Fools Day with a Full Moon - that could be interesting 😅 

Expect volatility to remain high for the next several days. Add on the dips, roll with the punches. 

Need accurate $VIX targets? I got 'em. $100 - Price is non-negotiable    

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