US equity indexes closed moderately mixed, sp +4pts at 2555. The two leaders - Trans/R2K, settled +0.5% and -0.1% respectively. VIX settled -2.3% at 9.85. Near term outlook offers a sig' break lower, as the gap zone of sp'2474/61 remains a technical necessity, before a better chance of the 2600s by late November.
It was another rather tedious day in equity land, with the sp' generally trading within an exceptionally narrow 4-5pt range. There was algo-bot upward melt in the late afternoon, and it was enough to see the sp'500 break a fractional new historic high, as the indexes settled in AH.
Market volatility remains exceptionally subdued. Short term price structure in the VIX is a baby bull flag, which offers the 11/12s before the weekend. Unless there is some 'spooky news', its difficult to see the 13/14s until at least early next week.
re: sp'2474/61. It remains a 'technical necessity'. I realise some might disagree, but its no different than the July 12th gap. That took some weeks longer than expected, but it was eventually tagged/filled.
Thursday, I will post here across the day. For you non-subscribers out there, it'll give you a glimpse of what I continue to offer each and every trading day. I can only hope that the main market livens up a bit, so as to make things at least reasonably entertaining.
Extra charts in AH (usually around 7pm EST) @
Goodnight from London
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