A quartet of new historic highs

US equity indexes closed broadly higher, sp +10pts at 2507. The two leaders - Trans/R2K, settled higher by 0.6% and 1.9% respectively. VIX settled -2.9% at 9.87. Near term outlook still offers a basic tag of sp'2474/61, but even a moderate 5% cooling wave in October looks increasingly difficult.


sp'daily5

VIX'daily3

Summary

So much for a drop.

US equities opened a little higher, but the gains largely faded by 11am. Yet.. that was all the bears could manage. With mainstream chatter about the 'Trump tax bill', the market broke a quartet of index highs (sp'500, nyse comp', trans, R2K) in the late afternoon. On any basis... it was a very bullish day.

Volatility remains very subdued, with the VIX settling in the upper 9s.

Near term outlook still offers a basic tag of the sp'2474/61 gap zone, but even the 2400 threshold looks increasingly difficult in October, as the Trans and R2K have both broken out of year long trading ranges.

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Goodnight from London
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