The sp'500 breaks yet another new cycle high of 2080, a single point shy of the late Dec' high. VIX remains subdued, -5% in the upper 13s. With opex this Friday, the market will be more inclined to hold together/trade sideways, before the next cooling phase.
Suffice to add... yesterday mornings low of sp'2039 is already a full 2% lower. Whether you want to put all the blame on yet another 'nonsense oil story'... or just plain bullish hysteria, the bulls are back in full control.
It is highly notable that in the next cooling phase.. first core target will be the recent 2033 low. Unless that is closed/held under.. equity bears should be at least somewhat spooked.
Here in London...
A pretty bullish sunset.
back at the close