Daily Wrap - a quiet end to the week

The main indexes closed largely flat, after what was a relatively quiet week - where the trading range was a mere 1.5% or so, from sp'1451/72. The VIX closed almost 1% lower in the low 13s, with the dollar similarly declining for a second day.


sp'daily5

vix'daily

USD, daily

Summary

Just a short update to close the week...

SP' appears stuck under the mid-Sept QE high of 1474.

Best guess..we still see a retracement, target zone remains 1440/25, the latter of which is something of a stretch, but there is the giant gap zone to fill, and 1425 would be the very natural 61.8% fib level.

VIX should similarly see a natural upside spike to the low 16s. The upper gap area of 18 seems difficult to envision, even if sp'1425 was to be hit.

Goodnight from London.....and have a good weekend
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*the next posting will be late Saturday.