sp'daily5
VIX'daily3
Summary
A day of moderate gains, and its notable that today's daily candle was spiky... much like the previous two. Equity bears just need a break under the fed day low of sp'2248 to open the door to a very basic fib' retrace to 2231.
VIX remains very subdued, but if sp'2230s, that will likely equate to the 14/15s. The key 20 threshold looks out of range for the remainder of the year.
--
Meanwhile.. in FIAT land...
USD, monthly
A sig' net daily gain of 1.4%, breaking into the DXY 103s, for the first time since Dec'2002, a rather considerable 14 years ago. Clearly, a higher dollar puts downward pressure on $ denominated asset classes. We're especially seeing that in the precious metals. For the moment, the equity market just doesn't care... but eventually it will have to.
Goodnight from London