A second week for the bears

US equities ended the week moderately mixed, sp -6pts @ 2071 (intra low 2062). The two leaders - Trans/R2K, settled +0.6% and -0.3% respectively. VIX settled +0.2% @ 19.41. Near term outlook offers initial Monday upside to around 2090, but then a test of the critical 2025 low at some point next week.


sp'daily5

VIX'daily3

Summary

Friday saw weakness across the day, but it was nothing of significance.. as reflected in the VIX that closed just fractionally higher.

A move to around sp'2090 is viable next Monday, and that would likely see the VIX cool to the 18/17s.

However, with the BREXIT vote ahead, equities are likely to see broad and increasing downward pressure, with VIX set for the 25/30 zone, viable before the polls close on Thursday (5pm EST).

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Market chatter from the Schiff




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sp'weekly1b

A second consecutive net weekly decline, with a lower high.. and a lower low. A notable quad-opex settlement under the key 10MA (2075). Next key support on the bigger weekly cycle is the 50ma (2024). Any daily close in the 2010s or lower, will offer a fast decline to the lower bollinger band.. which will be around 1920/00 into early July.

Goodnight from London
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*the weekend post will appear Sat' 12pm EST, and will detail the US weekly indexes