The interesting thing about the Bank of England QE...if you adjust it for population, relative to the USA (x6.25 or so)...you end up with an equivalent QE of $450bn. That's a pretty significant number. I'm not sure how much that degrades the UK money in circulation, but..it sure ain't going to help savers.
sp'daily5
VIX, daily, rainbow
Summary
I can't take anything seriously today, its ALL nonsense. This market can't be trusted until we're either breaking new index highs >1422..or below 1305. I guess the day-traders will be enjoying today so far, but the swing traders on both sides will arguably be getting annoyed already.
Daily trend remains UP, but the MACD cycle is starting to show the first sign of topping. The higher VIX is certainly confirming the index losses, but a VIX <20 can't be taken seriously either.
I suppose the bears could look for a 4-5 day topping pattern like we saw at the end of April. For now though, there is NO sign of a clear turn lower.
Its all noise...so far.