Friday, 19 January 2018

New highs into the weekend

US equity indexes ended the week on a positive note, sp +12pts at 2810. The two leaders - Trans/R2K, settled +1.3% and +0.4% respectively. VIX settled -8.1% at 11.27. Near term outlook offers the 2820/30s. More broadly, first big target is 2950/3047, where the market will get stuck... much like May 2015.




US equities opened fractionally mixed, and from there, it was mostly a day of very minor swings. However, the sp'500, Nasdaq comp', and NYSE comp', did manage new historic highs in the late afternoon. Considering it was opex, these new highs were just another reminder of how super strong underlying price pressure is.

Volatility cooled into the weekend, as Mr Market shrugged off any concerns about a possible (if unlikely) US govt' shutdown.

Bonus chart: Italy, monthly

The Italian market is currently +8.7% at 23749. A monthly close (whether Jan', or Feb') >24k will offer grander upside to at least 35k by mid 2019. Huge implications for other markets.

The sun sets on yet another bullish week
Extra charts in AH (usually around 7pm EST) @

Goodnight from London
*the weekend post will appear Sat'12pm EST, and will detail the US equity indexes 

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