sp'weekly8b
VIX'daily3
Summary
*first, I should note, don't get overly fixated on the timing of sub'3-5 - even if you agree with that particular count. The point should be.... we're still headed broadly higher.
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So.. another week underway... and we have a blue candle to start, but that could easily turn to green if we're breaking the 1990s this Friday. It is notable that the upper bollinger band on the weekly cycle is now in the 1990s, and it will be in the 2000s next week.
Most certainly, the giant psy' level of sp'2000 looks viable next week.
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Volatility remains very low
VIX closed significantly higher, +10%, but we're still only in the 11.40s, and it remains bizarre how the VIX can't even re-take the low teens. If we do hit the sp'2100s later this year... VIX will surely have melted into the 9s.. or even the 8s.
Looking ahead
The only data of significance tomorrow is consumer credit (3pm). There are also two fed officials on the loose, and Mr Market will no doubt be listening.
*next sig' QE-pomo is not until next Thursday.. July'17.
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Goodnight from London