US equities opened moderately lower, but then swung significantly upward from 2684 to an intra high of 2727. There was a late day cooling wave, even breaking a new intraday low of 2681. The daily candle bodes for (at least) early Thursday weakness. Price action is pretty choppy, but distinctly less than the previous two days. Its really a case of the market in a stabilisation phase.
Volatility cooled for a seconday, with the VIX settling in the 27s. This is notably still an elevated level, and even today's close is way above the 2017 peak of the 17s.
Bonus chart: Japan, monthly
I realise many of you don't care (although you should), but the Nikkei is currently net lower for the month by -6.3% in the 21600s. So long as 21k holds... m/t bullish. I would acknowledge, that you could count 5 giant waves from the key low of Oct'2008. Those holding a broadly bullish outlook for global equities should be carefully monitoring the Japanese market.
|Another day closer to the green shoots of spring|
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Goodnight from London
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