Awaiting some dynamic action

US equity indexes closed moderately mixed, sp +2pts at 2427 (intra high 2432). The two leaders - Trans/R2K, settled lower by -0.5% and -0.2% respectively. VIX settled -0.7% at 11.11. Near term outlook offers a sig' wave lower to challenge the recent low of sp'2405. A break <2400 would offer another 2-3%.


sp'daily5

VIX'daily3

Summary

The US market opened in minor chop mode, and slowly clawed upward to 2432.00 in the closing hour. There was some cooling into the close, with the two leaders closing moderately lower. Its notable that the Transports broke a new historic high, which by default.. made it just another day for the bulls.

Market volatility remains broadly subdued, with the VIX opening moderately higher, but settling lower for a second consecutive day. Upper daily bollinger offers the 12s in the near term. Things only get 'interesting' if sp <2405.. which would likely equate to VIX 14/15s.

Tomorrow might be somewhat interesting, but the issue for this week is how the market will cope with Yellen, econ-data, and some earnings.

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Meanwhile in Venezuela



... if the original poster is to be believed, this is a recent glimpse of Venezuela. Its a magnificent example of what happens when you drive out free market capitalism, and replace it will militarised communism.

Keep in mind that the UK's likely next prime minister - Corbyn, thinks Chavez is someone to admire.

Gods help the UK from 2018 onward.
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Another day of summer.... gone.

As ever... extra charts in AH (usually after 7pm EST)... @ https://twitter.com/permabear_uk

Goodnight from London
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