Market Back to Neutral Conditions

Implied volatility collapsed in the last 30 minutes of trading with VIX losing over 5% for the day and the more sensitive VXST losing over 9%. The fear during the intra-day sell-off in equity prices was extreme and the rally was a good relief rally. A follow-through today is what is needed/expected because there’s a lot of money that’s been put on hold.

Overall the market is now back to neutral conditions with the ConnorsRSI reading on SPY at 66.71.

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