1pm update - short term floor

US equities have a short term floor of sp'2026 - with VIX maxing out at 20.12. Regardless of whether a weekly close in the 2030s, 40s or 50s, there is probable renewed weakness early next week.. at least to the 38% fib of sp'2023/22.


sp'daily5

Summary

So... was this morning a washout.. with sp'2026 a key low?

The 2020s were a key target, but I'd much rather see at least the 38% fib retrace of 2023/22 tested.

A further problem is that some stocks - namely BAC, only broke yesterday, and cyclically, another few down days are expected.

BAC, daily'2

It remains the case that I am not interested until a break <$17.

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Meanwhile.... London city ended the week on a sunny note.. well, between the torrential downpours.

Not so bearish shadow

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back at 2pm