Daily Wrap

The broader equity market looks increasingly tired, with a viable near term top of sp'2046. A break back under the giant sp'2000 threshold looks likely, but at best.. equity bears will probably manage no lower than 1980/50.. along with VIX 18/20.


sp'daily5

VIX'daily3

Summary

A pretty tedious start to the week. Market remains trading within a very tight trading range, although, the two leaders - Trans/R2K, are both rolling over, and highly suggestive that the rest of the market will follow...

R2K, daily

R2K looks headed for the 1150/30 zone. On no outlook does a sustained move back under 1100 appear viable.


Looking ahead

PPI, housing market index. Fed official Kocher' will be speaking.. and Mr Market will be listening.

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Goodnight from London