US equity indexes closed a little mixed, sp +4pts at 2664. The two
leaders - Trans/R2K, settled u/c and -0.2% respectively. VIX settled +6.2% at 9.92. Near term
outlook still threatens a mini (and brief) washout in the sp'2640/30s,
before resuming upward. The year target of 2683 has notably come within
14pts of being hit.
sp'daily5
VIX'daily3
Summary
US equities opened a little higher, and by lunchtime, the sp' and dow had both broken new historic highs. S/t price momentum is on the high side, and cyclically, the setup will favour the bears, especially once the fed is out of the way.
Market volatility remains very subdued, as despite the VIX settling net higher, the 9s are clearly on the historically very low end. A burst to the 11/12s seems probable, not least if sp'2640/30s. The key 20 threshold looks out of range until well into 2018.
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