US equity indexes closed broadly higher, sp +14pts @ 2280. The two leaders - Trans/R2K, both settled higher by a rather significant 1.6%. VIX settled -5.9% @ 11.07. Near term outlook is bullish to Dow 20K and the sp'2300s. Broadly, the market looks strong into mid February.
Equity price action is highly suggestive that we're now in the early phase of another big push higher.
The technical setup for ALL the main equity indexes is offering straight up upside into early February. Its notable that the upper bollinger on the weekly cycle will soon be offering the sp'2320s.
Naturally, with equities broadly strong, the VIX remains very subdued. The 10s look due. A valid question is whether Dow 20k - and the sp'2300s, will be enough to see single digit VIX... last seen in Feb'2007... a long... long time ago.
Goodnight from a bullish London