The sunny transports

US equity indexes closed moderately positive, sp +3pts at 2510. The two leaders - Trans/R2K, settled higher by 0.5% and 0.3% respectively. VIX settled -3.2% at 9.55. Near term outlook offers a little weak chop into end month/Q3. With each passing day, even a 4-5% retrace to around the 2400 threshold will be increasingly difficult.


sp'daily5

VIX'daily3

Summary

US equities opened a little weak, but then saw algo-bot upward melt, which continued into the late afternoon. There was a notable trio of new historic highs in the Transports, R2K, and the NYSE comp'.

With equity price action subdued, volatility itself remained low, with the VIX once again settling in the 9s.
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Bonus chart: Transports, daily

The tranny climbed for a seventh consecutive day, and is well above the old trading ceiling. The giant psy' level of 10k is clearly viable in the immediate term. The long term implications of the upside break are profoundly bullish. Same applies to the R2K.
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A very autumnal London

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Goodnight from London
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