US equity indexes closed moderately mixed, sp +6pts @ 2077 (intra low 2050). The two leaders - Trans/R2K, settled lower by -0.3% and -0.1% respectively. VIX cooled -3.8% @ 19.37. Near term outlook offers the sp'2090s for quad-opex, before renewed downside to test the critical 2025 low within 3-6 trading days. If 2025 fails to hold, - as seems probable, then 1950/20.
So.. a net daily gain for the sp'500.. but broadly, price action remains pretty bearish.
Even quad-opex upside to the 2090s won't negate the fact that we've seen a lower low.. and lower high this week.. as fully confirmed in a VIX that has broken into the 20s.
Price action back above the sp'2100 threshold looks highly unlikely.. as the bigger weekly cycles will soon see a bearish cross.
USD ahead of BREXIT
Without question, the looming BREXIT vote will be a key variable that will shape the rest of the summer... and for those in the UK/EU... years. A break above the DXY 100 threshold remains due, and that will have massive implications for just about everything.
Goodnight from London