Mostly just chop

US equity indexes closed moderately higher, sp +4pts at 2569. The two leaders - Trans/R2K, settled higher by 0.2% and 0.1% respectively. VIX settled +0.8% at 11.16. The Monday high of sp'2578 is a valid s/t peak, with an overdue cooling wave of 4% still due, before resuming upward into year end.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher on what are broadly 'fine' earnings. The Dow broke a new historic high, but the broader market saw a day mostly comprised of minor chop, leaning on the positive side.

Market volatility remains subdued, but the VIX held up well relatively to equities, even settling fractionally higher in the low 11s. Daily cyclical pressure threatens a surge into the mid/upper teens in the immediate term.

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