Thursday 19 September 2019

Post FOMC chop

US equity indexes closed mostly on a weak note, spx +0.1pts at 3006. Nasdaq comp' +0.1%. Dow -0.2%. The two leaders - Trans/R2K, settled -0.7% and -0.4% respectively. Near term outlook offers chop into quad-opex.

sp'daily5



VIX'daily3



Summary

Suffice to note, it was a day of moderate chop in equity land, although the SPX did come very close to the July historic high of 3027.98, maxing out at 3021.99. The afternoon saw a s/t cyclical rollover, with the SPX cooling to 3003, and settling effectively flat at 3006.

Volatility was ground to 13.31, but settled +0.7% at 14.05. S/t outlook offers quad-opex chop, with the market makers inclined to try to settle the week around the sp'3000 threshold.
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Summer fading away

... the moon also fading away.
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Goodnight from London
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