Chop with good earnings

US equity indexes closed rather mixed, sp -1.8pts at 2821. The two leaders - Trans/R2K, settled -0.5% and +0.3% respectively. VIX settled -0.5% at 13.47. Near term outlook offers upside into the weekend. More broadly, big target remains sp'2950/3047.


sp'daily5

VIX'daily3

Summary

It was a day of moderate chop for US equities. Pre-market fractional gains turned to moderate weakness at the open, but those were soon reversed. Moderate gains in early afternoon were fully negated to fractional declines into the close.

Volatility was itself choppy, and notably remains in the teens. The key 20 threshold still looks out of range until the market has reached big target of sp'2950/3047, which seems viable from mid March onward.

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Goodnight from London
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