US equities closed moderately higher, sp +10pts @ 2185 (new historic high 2188). The two leaders - Trans/R2K, settled higher by 0.6% and 0.5% respectively. VIX settled -3.1% @ 11.68. Near term outlook offers further strength to the sp'2190/2200s.
A new historic high of sp'2188, with Dow 18638.
VIX remains naturally pinned sub-teens. The key 20 threshold looks out of range until (at least) after the Labor day holiday (Sept 5th).
A powerful net daily gain of $2.52 (6.0%) to $44.23, as oil is making a play to re-take the weekly 10MA in the $45s. It could be argued that price structure since June has merely been a giant bull flag, with last week's spike floor low in the $39s.
Any price action in the $46s will be decisive enough to give confidence that the psy' level of $50 will also be re-taken. Any closes >$50 will be an early sign of $60 by early spring 2017. For the equity bulls, higher energy prices are only going to help 'inspire' the main market far... far higher.
Goodnight from London