Thursday, 19 October 2017

A break lower

US equity indexes closed fractionally mixed, sp +0.8pts at 2562. The two leaders - Trans/R2K, settled lower by -0.1% and -0.2% respectively. VIX setttled -0.2% at 10.05. Near term outlook offers soft target of 2540/37, that would be negated on any new historic high >2564.11.




US equities opened moderately lower, with an early floor of sp'2547. There was a choppy recovery that took the market fractionally higher into the close. Its notable that 4 of the 6 main indexes did settle fractionally lower.

Market volatility remains broadly subdued, with the VIX seeing a cash market high of 11.10 (pre-market high was 11.77), but then cooling all the way back to around the 10.00 threshold.

To be clear, unless we break a new historic high >sp'2564.11, we have a valid s/t high, with initial soft target of 2540/37. More broadly, primary target is the Sept'11th gap zone of 2474/61.

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Goodnight from London

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