12pm update - bearish signals

US equity indexes are significantly lower, with the sp'500 headed straight for the 200dma (2063). The 2020s will  make for a very natural retrace within 4-6 trading days. Oil remains notably weak, -1.3%


sp'daily5

USO' daily2

Summary

*note the MACD (blue histogram) cycle... having now turned negative. Most indexes will be negative by tomorrow.

A bearish MACD cross is always an important signal.. and by default... the current short term trade is to the short side.
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All talk of the sp'2120s and even new historic highs is fading across the blogosphere.. and even the mainstream are (amusingly) a little concerned.

Best guess remains... the 2020s... that seems a very viable target.. before resuming higher into December.

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VIX update from Mr P.



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time for lunch