sp'weekly7
VIX, weekly
Summary
Its been a tiresome day, so this will be somewhat short.
In order to get the weekly candle back to red, bears need to close Friday <sp'1603 (approx).
On any basis, if the bulls close >1625, I will be VERY concerned that next week will be equally bullish.
So..bears need <1603...preferably sub 1600...and bulls should be seeking >1625, although frankly, they should consider anything >1600 a bonus, considering market was trading 1560 on Monday.
Equity bears should also be seeking signs of some power in the VIX, a weekly close in the low 18s would still be a net decline on the week, but it would at least open up the 20s again for Mon-Wed'.
Looking ahead
Friday has the latest Chicago PMI number, market is seeking 55. Sub'50s (recessionary) look somewhat unlikely. Arguably, the bears should merely look for anything in the 52/51 area. There is also consumer sentiment data at 9.55am.
*There is no sig' QE to end the week. The new POMO schedule for July is issued by the Fed in the afternoon.
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Well, lets see how we close the quarter..and indeed, the first half of the year.
Goodnight from London