Wednesday 27 September 2017

A quartet of new historic highs

US equity indexes closed broadly higher, sp +10pts at 2507. The two leaders - Trans/R2K, settled higher by 0.6% and 1.9% respectively. VIX settled -2.9% at 9.87. Near term outlook still offers a basic tag of sp'2474/61, but even a moderate 5% cooling wave in October looks increasingly difficult.




So much for a drop.

US equities opened a little higher, but the gains largely faded by 11am. Yet.. that was all the bears could manage. With mainstream chatter about the 'Trump tax bill', the market broke a quartet of index highs (sp'500, nyse comp', trans, R2K) in the late afternoon. On any basis... it was a very bullish day.

Volatility remains very subdued, with the VIX settling in the upper 9s.

Near term outlook still offers a basic tag of the sp'2474/61 gap zone, but even the 2400 threshold looks increasingly difficult in October, as the Trans and R2K have both broken out of year long trading ranges.

Extra charts in AH (usually around 7pm EST) @

Goodnight from London
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