sp'60min
VIX'60min
Summary
*VIX breaks a new cycle low of 21.72, which is wrecking hopes of even moderate equity downside this afternoon.
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Clearly, there really isn't any downside power right now.
It could easily be argued though.. we've a short term top... due a retrace - probably no lower than the sp'1900 threshold.
However, the daily cycle remains powerfully bullish, and I'd be concerned about launching any shorts from current levels.
*will update a daily chart later... as I do realise 2K is a threat.... although still looks difficult.
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Here in London city....
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| Another day closer to summer |
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| Behold.. the rising moon! |
After yesterday's grey horror, today is better.. and yet more cranes are appearing. The London crane index must be close to historic highs... and that usually marks a cyclical peak.
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time to cook
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11.01am: Oil inventory weekly surplus: 2.1 million.... contrary to yesterday's API.
Equities being dragged lower.... sp -7pts.. 1919.. ohh the humanity!
For the moment though.. VIX is NOT confirming... and remains -2.5% in the 21.70s....
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11.25am.. Well... with things as they are... we'll see an hourly MACD bearish cross at 12pm... solidifying a retrace for rest of today. First target is the sp'1900 threshold. Fibonacci would be more suggestive of 1884.
In any case....we ain't closing significantly higher for a fourth day.
VIX is STILL fractionally negative.... pretty bizarre.