sp'daily5
VIX'daily3
Summary
US equities opened moderately higher, and built significant gains into the mid afternoon. Unlike the Dow and Transports, the sp' was unable to break above the 50dma (2687), and saw some moderate cooling in the late afternoon.
Volatility was naturally lower, with the VIX melting lower for a fifth consecutive day, back in the 16s, the lowest level since March 21st. Cyclically, the VIX is low, and a brief challenge of the 20 threshold is very viable by Wed/Thursday.
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Bonus chart: China, monthly
We're halfway through the month, with the Shanghai comp' currently net lower by -1.6% at 3110. The Chinese equity market is set for a third consecutive monthly close under the key 10MA. This should concern the long term global equity bulls.
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| Blue skies for the equity bulls from here? |
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Goodnight from London
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