sp'daily5
VIX'daily3
Summary
US equities opened a little higher, and much like yesterday, clawed upward. The key gap zone of 2462/68 was fully filled, and we even broken into the mid 2470s. There was something of a subtle reaction from 2475 in the closing hour. Near term outlook offers a gap fill of 2462/57 within 1-3 days. Things only get interesting with a break under the Aug'21st low of 2417.
With equities rising, volatility was ground lower for a second day, with the VIX settling the month in the mid 10s. A surge to the key 20 threshold looks highly probable within Sept/Oct'.
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As for August...
sp'monthly
A fifth consecutive net monthly gain, with a notable new historic high of 2490. Unquestionably, the current remains outright bullish. From tomorrow onward, the key 10MA will be somewhere within the 2390s. A September close under it would merit alarm bells. We shall see.
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| ... and the sun sets on August |
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Goodnight from London
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