Wednesday 23 August 2017

Just a little chop

US equity indexes closed broadly weak, sp -8pts at 2444. The two leaders - Trans/R2K, settled -1.2% and -0.1% respectively. VIX settled +7.9% at 12.25. Near term outlook offers upside to at least partly fill the gap zone of sp'2462/68. For confidence, the bull maniacs need a daily close >2474.




US equities opened moderately lower, and remain in weak chop mode for the entire day. The smaller 60/15min cycles are now less overbought, and there is high probability of another push upward across Thurs/early Friday to the 2462/68 zone.

Volatility jumped at the open, and tagged the lower end of a minor gap zone, before settling a little below the opening highs.

Bullish sunshine and telecommunications

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Goodnight from London