US equities break a fractional new cycle high of sp'2129, with VIX cooling to 11.71. From a pure cyclical perspective, a retrace remains due. Metals remain exceptionally weak, Gold -$23, whilst Silver has managed to turn a touch positive. Oil is increasingly weak, -0.9%
Hmm, not much to add.
On any 'fair basis', this market needs a retrace, at least to the sp'2100 threshold... but that would likely only equate to VIX 14s.
If we're to fill the lower end of the primary VIX gap of 15/16s... we'll need at least sp'2090/85, and right now, that is clearly out of range until late Wednesday.
VIX update from Mr T. due
*seemingly a no-show*
time for a cool drink