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POSITIONS: Long Utilities (XLU), Short Industrials (XLI)

Growth Slowing is now something that everyone who was bullish on growth at the end of Q1 not only expected, but then expected people to get “too bearish” on. Fun.

In other news, the VIX 14-15 sell signal (for US Equities) remains in play inasmuch as lower-highs for the SP500 does. That said, despite not being confirmed by either our VOLUME or VOLATILITY signals, the SP500’s PRICE signal looks good (above TREND support) until it doesn’t.

Across all 3 of our core risk management durations, here are the lines that matter to me most: 

  1. Immediate-term TRADE resistance = 1406
  2. Intermediate-term TREND support = 1375 

If, by some act of gravity, we snap 1375 again, this will no longer be fun.

In the meantime, squeeze away.

Stay hedged,


Fun: SP500 Levels, Refreshed ... - SPX