US equity indexes closed moderately weak, sp -5pts @ 2265. The two leaders - Trans/R2K, settled lower by -0.8% and -0.6% respectively. VIX settled -1.6% @ 11.27. Near term outlook still threatens the sp'2243/31 zone.. as the daily price momentum cycles are set to turn bearish before the Christmas break.
It was an especially sleepy day in equity land, with the sp' seeing a trading range just 6pts wide.
VIX opened with a flash print spiky low of 10.93 - the lowest level since Aug'2015. Despite some moderate equity weakness, the VIX still closed lower, for a fifth consecutive day - the worse run since mid October. A sporadic jump to the 12/13s is possible before the three day Christmas break. Certainly though, the key 20 threshold looks out of range for at least another month.
My home market of the UK...
FTSE 100, monthly, 20yr
The FTSE is currently trading above multi-decade resistance of 7k. Any Dec', or Jan' close >7K would be exceptionally bullish, and bode for 8k by late spring. Things only turn bearish with another 1 or 2 months of repeated failures to break/hold 7K.
Today was the winter solstice...
... the long march toward summer 2017 can begin :) Thats bullish, right?
Goodnight from London