Thursday, 21 June 2018

Typical Thursday

US equity indexes closed broadly weak, sp -17pts (0.6%) at 2749. The two leaders - Trans/R2K, settled -0.4% and -1.0% respectively. VIX settled 14.5% at 14.64. Near term outlook offers a bounce to 2779, before resuming lower to technical necessity of 2718 next week.


sp'daily5



VIX'daily3



Summary

US equities opened a little weak, and quickly unravelled to a morning floor of sp'2748. From there, upside to 2760, a cooling wave to 2749, and then resuming upward into late afternoon.

Volatility picked up, with the VIX seeing 15.18, the highest level since May 31st. There was some latter day cooling, with the VIX settling in the mid 14s. Near term outlook offers sp'2779, before another rollover. Prime target remains sp'2718, which will likely equate to VIX 16/17s.
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Bonus chart: China


It was another rough day for Chinese equities, settling -1.4% at 2875. Its a case of technical open air to the Feb' 2016 low of 2638, and that is another 8.2% lower.
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Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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Wednesday, 20 June 2018

Weak Wednesday bounce

US equity indexes closed broadly positive, sp +4pts (0.2%) at 2767. The two leaders - Trans/R2K, settled +0.1% and +0.8% respectively. VIX settled -4.2% at 12.79. Near term outlook offers technical necessity of sp'2718, which should equate to VIX 15/16s.


sp'daily5



VIX'daily3



Summary

US equities opened moderately higher, and clawed upward to an early afternoon high of 2774. Late afternoon saw a s/t cyclical rollover, with slight cooling. Its notable that the Nasdaq comp' and R2K broke new historic highs, and are a reminder of underlying m/t super strength in the US equity market.

Volatility was naturally subdued, with the VIX melting lower, and settling in the mid 12s.
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Bonus chart: China


The Chinese equity market also saw a weak Wednesday bounce, +0.3% to 2915. The price action so far this year is outright ugly.

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Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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Tuesday, 19 June 2018

We're not there yet

US equity indexes closed rather mixed, sp -11pts (0.4%) at 2762. The two leaders - Trans/R2K, settled -1.7% and +0.1% respectively. VIX settled +8.4% at 13.35. Near term outlook offers minimum technical necessity of sp'2718.


sp'daily5



VIX'daily3



Summary

US equities opened broadly lower on further trade/tariff concerns. A morning low of 2743, and then bounce to 2765. Today's price action merely made for yet another lower high and lower low.

VIX saw the mid 14s, but settled in the mid 13s. Near term outlook offers sp'2718, which should equate to VIX 15/16s.

--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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