US equities opened moderately higher, with the sp'500 and Nasdaq comp' breaking new historic highs. The new highs have fully negated the technical breaks seen on Wednesday. Equity bears now need a break of the Wed' low of 2544 to have any renewed hope of a 4-5% cooling wave.
With equities broadly higher, market volatility was ground lower across the day, with the VIX settling in the upper 9s.
Near term outlook offers a basic retrace to around sp'2560 early next week, but things only get interesting with a daily close <2544.
Special highlight for regular reader Paolo...
With Catalonia declaring independence, the Spanish market ended the week on a bearish note, settling the day -1.4% at 10197, currently making for a net monthly decline of -1.8%. The intra-month break <10k was VERY bearish, however there was a rather strong rebound. Current price structure is actually offering a bull flag.
The remaining two trading days of the month will be very important. The 10k threshold - which also happens to be core m/t bullish trend, is clearly critical for the Spanish bulls to hold.
re: Catalan/Spain. For now, its still mostly a lot of talk. Clearly, the Spanish govt' are NOT going to just let Catalan go. They'll send the tanks in... if necessary.
|Another week comes to a close|
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Goodnight from London
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The weekend post will appear Sat'12pm EST.