The Closing Print live trading and financial blog during market hours.

The stock market volatility remains at elevated levels, with the indices trading higher this morning. Futures are approaching the upper range of Tuesday price action in early trading as a short-covering rally takes hold.

We’ll reduce hedges and collect some premiums from covered calls.

SPY and the 200d

Price action is consolidating at the 200d (304.56) with pre-market activity firmly above 307.20 this morning. The expected move for the week is overhead resistance for now at (314.24), inside of Fibonacci targets discussed on Monday and Tuesday.

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RSI has been oversold and appears to be improving. Any further improvement suggests buying could continue without exhaustion. It also appears that momentum (MACD histogram) will continue to shift, resulting in capitulation this week.

With the VIX/TNX ratio at historic highs and breadth improving, the outlook for bulls is looking very bright this morning.

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Extremes will revert to mean. Price action seems set to snapback.

Futures are at highs and steadily improving. S&P 500 ES (+74.50). The 10yr Treasury yield is at 1.00%, so where will you put money to work? Hint: It starts and ends with the letter “S.”

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