Wednesday 26 July 2017

Fed day chop

US equity indexes closed moderately mixed, sp +0.7pts at 2477.  The two leaders - Trans/R2K, settled lower by -0.1% and -0.5% respectively. VIX settled +1.8% at 9.60. Near term outlook still offers a swing lower to the sp'2430s. Its notable though, that more within the mainstream are starting to tout the 2600/700s for year end.




US equities saw a day of fed chop, with the sp' seeing a trading range of just 6.75pts. There were new historic highs (if only fractional) in the sp', nasdaq comp', and dow.

Bonus chart for poster 'Kin'...

NYSE comp'.

The NYSE comp' - or the 'master index', as I call it, settled with a black- fail candle, having fallen a touch shy of breaking a new historic high. Rising trend is currently in the 11770s. If that is broken, along with the 50dma, then yes... things would get interesting.


Its notable that today saw semi-regular guest Prof' Siegel tout another '10% of upside before year end'.

... equating to the sp'2720s and Dow 23900s. My year end target of 2683 remains on track, and is broadly shared by Oscar Carboni and Morgan Stanley.

Market volatility was stuck in the 9s until the fed press release, which then saw a flash-print of 8.84.. a new historic low.

Not the best of summer days

... and as the closing bell was about to ring... the grey horror clears for a few minutes of golden light. Yours truly should be somewhat far further south.

If musically inspired.. extra charts in AH @

Goodnight from London

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