Short term downside break

US equity indexes closed broadly weak, sp -19pts at 2419. The two leaders - Trans/R2K, settled lower by -0.6% and -0.9% respectively. VIX settled +11.7% at 11.06. Near term outlook offers the 2415/10 zone. Some stocks - such as AAPL, are highly suggestive of the sp'2390s before resuming upward.


sp'daily5

VIX'daily3

Summary

US equities opened a little lower, saw a fair amount of chop, but ended the day broadly weak. The break of soft support of sp'2431/30 was somewhat important, and offers further downside Wed-Thursday. Some stocks - such as AAPL, are highly suggestive that the Nasdaq will fall around 4% within 1-4 days, which would likely equate to sp'2405/2390s.

Market volatility remains broadly subdued, but we did see the VIX settle in the 11s today. The 12s look a given, the only issue is whether we get stuck in the 13s or 14s. 

As ever, extra charts in AH @ https://twitter.com/permabear_uk

Goodnight from London
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