sp'daily5
Trans
Summary
So, a moderate decline for the broader market, but with a pretty significant daily decline in the Trans. No doubt, the bounce in Oil prices put downward pressure on this sector today.
In terms of a retrace, best guess remains sp'2020/00. A sustained period of trading under the giant 2000 threshold looks unlikely. After all, the BoJ will be out there buying. We've not forgotton about them already.. have we?
Oh noes.. a blue candle!
The opening weekly 'rainbow' candle is blue.. and with the 10MA around sp'2000... it makes for a natural retrace target... but more viable next week.
sp'weekly7
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A look at the VIX.. which settled higher by a moderate 7.2% @ 14.29.
VIX' daily3
At best, a move into the 17-20 zone, but considering the broader hyper-ramp from mid October, a sustained move into the 20s looks highly unlikely.
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Weekend webinar from Riley - highly recommended
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Closing update from Riley
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Looking ahead
The only data of note is construction spending.
*there are two fed officials on the loose, and as today showed, market remains particularly attentive to any mention of interest rate hikes.
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Goodnight from London