12pm update - bearish skies

Despite breaking another fractional new cycle high of sp'2108, US equities remain vulnerable. It is notable that the 50dma (currently sp'1986).. will be around the 38% fib retrace of 2016 in about 7-9 trading days. Sustained action <2K looks unlikely for the remainder of the year.


sp'60min

Summary

We've a lot of data/earnings to come this week.. and Yellen is appearing tomorrow in front of the US congress... on 'regulatory issues'. Maybe the market just won't care about the latter though. It is hard to imagine even clown finance TV wanting to give that live coverage.
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notable strength: Visa (V), +3.5% in the $77s (thanks to JT for the reminder)

Bizarre to consider V saw a tradeable flash-print of $60.00 on Aug'24th. As ever.. there is money to be made in providing debt to the serfs.


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Once again in London city, the sun makes its first appearence of the day.. mere minutes before sunset.

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VIX update from Mr T.




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time for lunch :)