SPY run over so soon?

Did the S&P already hit resistance?  I’ll be curious to see how the next day or two plays out.  The SPY and SPX still have room for another 1% or so of upside before hitting resistance.  However, it’s worth noting that the S&P futures hit resistance this morning at about 5:30am.  So, at least in the futures chart (ES), we’ve tested (and failed at) resistance…

 

 

It’s crazy to see how dramatically VIX has run down.  Maybe I’ve been thinking “bear” thoughts for too long to see the forest from the trees, but the level of complacency is astonishing to me.  I feel like the market is a couple steps from the edge of a possible cliff and VIX is suggesting “all is well.”  Looking at other risk assets, nothing else agrees.  Euro is dramatically lower than SPY after months of 1:1 correlation.  Emerging markets continue to sell off relative to SPY.  Treasuries prices remain elevated.  In true Christmas fashion, SPY puts are on deep discount, imho.

 

 

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