sp'daily5d
sp'weekly8b
Summary
Suffice to say, broadly, it was a day for the bears, with new cycle lows all over the place.
The bigger weekly cycle remains outright bearish, with best case downside to the 1700s this Thurs/Friday.
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Looking ahead
Wed' will see ADP jobs, Chicago PMI, and the latest EIA oil report.
*Yellen is set to appear at the St' Louis Fed, I'm not aware if that will be covered live. No doubt the event will get some media attention after last Thursday's 'issues'.
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Positioned for day'10
Tomorrow is day 10 since the FOMC high of sp'2020, and in theory.. it should be a fiercely bearish day. It would not surprise me if we are trading somewhere close to sp'1820 with VIX exploding into the mid 30s. Of course, it sure would help if the Shanghai comp' loses the 3000 threshold overnight... along with the Nikkei -2% or more. That would help spiral the EU indexes lower... and help the sp'500 achieve a straight forward gap under the Aug'24/25 low of 1867.
Yours truly is holding short overnight, and seeking an exit around sp'1820.. whether tomorrow or Thursday.
Goodnight from London