Volatility significantly lower across the week

Whilst equities saw minor weak chop across the day, the VIX was also generally weak (intra low 15.81), but managed a minor rally into the close, settling +1.6% @ 16.66. The VIX saw a net weekly decline of a very significant -20.5%.


VIX'daily3

VIX'weekly

Summary

There is little to add.

VIX saw a major down swing... and the big 20 threshold has been lost.

Underlying MACD (blue bar histogram) cycle on the weekly chart will offer a bearish cross in two weeks time. If that is the case, it will bode for 3-4 weeks of further equity upside...taking us into late February.. with the sp'2100s.

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more later.. on the indexes