Stocks finished flat on an uneventful trading session. However, the market felt more risk-off with the 1-month implied correlation index and theon Wednesday, I expect implied volatility levels to continue to rise today on both the shorter-dated and longer-dated implied volatility levels.
The VIX 1Day closed yesterday around 8, and typically, it gets to around 17 to 19 by the day before the CPI report, and I don’t see why today would be any different.There is some risk with today’s auction since it comes the day before a CPI and FOMC meeting. Now, oil threatens to break out and move above a downtrend that would be a real shock to the inflation and oil bears; all it would take at this point is a push above $79.Meanwhile, the S&P 500 appears to have formed a head-and-shoulder pattern or a diamond reversal pattern on the intraday charts. If so, the index could return to the 5,260 to 5,280 region.
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