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Quo Vadis?

#SPX is now back to the old resistance - turned support, the break of which started the bear market in 2021. What it will be this time? Momentum is overbought, divergences galore but the trend is up. #VIX term structure is at steep contango and Skew has made a lower high after making a spike peak. We know the market can remain irrational longer than we can remain solvent but good to take some chips off


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