Seems Like Ancient Ruins

The pre-Election trading may very well seem like a distant memory at this point. But, as far as markets are concerned, we have some sightseeing to do. 

Specifically, the S&P 500 Index is backtesting its prior mid and then late-August all-time highs at 2,193 today. We have a few hours remaining in the session before a big jobs number tomorrow morning. So, I am simply looking to see if bulls can absorb the selling today, of which we know technology stocks are taking the brunt. If bulls can basically now hold 2,193, it will keep the pullback shallow and still offer a distinct possibility of another push higher before Christmas. 

Moreover, I am also being mindful of whether the rotations into financials and energy can stick--It is one thing to see a spirited day or two of rallying, but it is quite another to see the rotations hold for a new, meaningful leg higher. 

Meanwhile, volatility is waking up for the first time in a good while, with the VIX ETFs giving more meat on the bone for VXX UVXY longs than they have at any point since Election Day.

More in my usual Midday Video for Members.