Nine of ten

US equity indexes closed rather mixed, sp +2pts at 2575. The two leaders - Trans/R2K, settled -0.4% and +0.9% respectively. VIX settled -3.0% at 10.18. Near term outlook offers soft target of 2560/57, with secondary of 2544/40. Broader price action remains scary strong, with earnings and econ-data both supportive of it.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and leaned upward into the mid afternoon. There was a touch of cooling in the closing hour, as the month wrapped up. Volatility was naturally subdued, with the VIX falling into the 9s, but managing a close in the low 10s. Near term outlook offers equity weakness, but a daily VIX close >12.50 looks very difficult.
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Nine of ten

The sp'500 settled higher for a seventh consecutive month, +55pts (2.2%), but perhaps most notable, the ninth monthly gain of the past ten.

sp'monthly

The monthly RSI is now at an incredibly high 81, which exceeds even levels from 2013/14. There is absolutely zero sign of the US equity market maxing out.

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Goodnight from London
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