As an asset class, volatility has gained more in the last week than the S&P 500 has gained YTD.
As price broke out of the bracket at ~$279, yesterday, it was not until $275 that buyers came in. That down-auction, followed by a period of balance is consistent with long liquidation. At settlement, Thursday’s fairest price was $276.47 – consistent with that earlier in the week. In summary, yesterday’s down-auction represented a retest of structural support. This leaves the short-term uptrend intact.
Gold, Yen, Treasuries…
Call buyers coming in.