sp'daily5
VIX'daily3
Summary
US equities opened moderately lower to sp'2675, but that was all the bears could muster. The market rather quickly turned upward, and battled steadily upward into the early afternoon. VIX saw a morning high of 21.14, but with equities seeing a significant upward swing, the VIX cooled back under the key 20 threshold.
Its difficult to be certain if last Friday morning's low of 2647 was a key higher low. It sure didn't feel like it, but the retrace was large enough in price and time. What does seem highly probable is a push into the 2800s this month. If the fed raise rates March 21st - as still seems due, it will help inspire broader capital market confidence for the spring/summer ahead.
I recognise a fair number of you are seeking a break of the Feb' low of 2532, and downward to the 2400s.. or even lower. The question I'd merely ask... what was your year end target for 2017 in Jan'2017?
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