sp'60min
VIX'60min
Summary
Frankly, it remains a mess, as broader price action is choppy... and a concerted break <2039 looks extremely difficult.
Considering the current price action... a move to 2090/2100 looks more probable.. before next chance of a down wave.
This is indeed almost an exact replay of spring/summer 2015.. with an eventual big break lower. Obviously, major uncertainty ahead of a BREXIT vote would be a valid excuse for an initial push lower into the 1900s.
For the moment, lousy earnings/growth.. the market just doesn't care.
--
Meanwhile.... in a letter to congress...
More threats of NIRP... and other things from the CEO of Print central... which is of course ironic as the main market is only 3-5% from historic highs.
.. and we know.. the only data the Fed is dependent upon is the level of the sp'500.
-
10.02am. consumer sent' 95.8.... way above expectations.
So.. everything is fine in retail land after all, right?
Business inventories: +0.4%.. a little above expect'... and nothing for the macro-bears to look to.
--
Ohhh.. and I didn't even mention the opening black-fail candle in the VIX. That ain't a good sign for those in bear land.