Weakness to start the week

US equities closed broadly weak, sp -18pts @ 2146. The two leaders - Trans/R2K, settled lower by -0.3% and -1.1% respectively. VIX settled +18.0% @ 14.50. Near term outlook offers renewed upside to the 2180/90s before end month.


sp'daily5

VIX'daily3

Summary

So, some weakness to begin the week. Yet... last week began weak, only to result in most indexes building sig' net weekly gains.

For now, I just can't take seriously any such weakness. Things only turn a little bearish if the recent low of 2119 is taken out, and that doesn't look likely this week.

As for VIX, a very sig' net daily gain of 18%, but that only takes the VIX to the mid 14s. The key 20 threshold looks as distant as it usually does.


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Eyes on the USD, weekly2

A slightly cooler dollar to start the week. Any move into the DXY 94s would be somewhat interesting. Those equity bears seeking a massive correction before year end, really ought to be seeking the DXY 97/98s... with an eventual breakout >100.

I guess I should conclude today by saying.... 'enjoy the show' at 9pm EST.

Goodnight from London