sp'daily5
VIX'daily3
Summary
It was a rather quiet trading day, with a lot of minor chop, as the market is naturally subdued ahead of another three day holiday weekend. Underlying MACD (blue bar histogram) continues to tick lower, as price momentum increasingly favours the bears.
VIX closed higher for a fifth consecutive day, the best run since early November. If sp'2230s... that should equate to VIX 14s. A further 2pt spike to the 15/16s looks a stretch, and would likely require downside to around sp'2200.
--
Don't forget to submit YOUR outlook for 2017.
Goodnight from London