Futures on CBOE Volatility Index (VIX) loses more than 6% today as S&P 500 gains more than 1% and Nasdaq 100 surges 1.2% signalling strong risk appetite, fuelled by hopes for the Middle East de-escalation and no major hit for the global oil market supply & demand
Gulf countries may still lift production up if any extreme scenario occurs. Wall Street sees a very limited risk in the closing Ormuz Strait by Iran, while stronger US presence in the Middle East may help to stabilize the key shipping routes, significant for the global markets.
VIX slides below 23.6 Fibonacci retracement of the last downward wave, erasing almost all gains from the 12.06 - 13.06. The important resistance zone is now set at 20.7 with the second one significant zone at 22. Both are supported by Fibonacci retracements and previous price action.
Source: xStation5
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