US equities opened a little weak, but the bulls managed an early reversal, with most indexes turning positive by mid morning. The afternoon saw micro churn until a news headline that the US might lift tariffs on China to help progress a trade agreement. With the 50dma broken above, there was a clear short-stop cascade, with the spx spiking to 2645. The late afternoon saw some moderate swings, but managing to settle broadly higher.
With equities settling broadly higher, volatility was ground lower, with the VIX settling in the low 18s. Friday is opex, and price action will be further skewed ahead of a three day break. On balance, a settlement around sp'2600 appears probable, even if we initially open in the 2640/50s.
|A fine winter's day|
yours.. awaiting the blood wolf moon eclipse, overnight Sun/Monday.
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Goodnight from London
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