sp'daily5
VIX'daily3
Summary
US equities opened moderately lower, spooked on further trade/tariff chatter. The sp' saw a morning low of 2761, before a mini ramp in mid afternoon. The closing hour saw a touch of renewed weakness.
Volatility remained broadly subdued (intra high 13.16), with the VIX settling fractionally lower in the upper 11s. Near term outlook offers sp'2718, which should equate to VIX 15/16s. That will do nothing of significance to dent the m/t equity bullish trend.
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Bonus chart: China, monthly
With trade/tariff issues, the Shanghai comp' is currently -2.4% at 3021, the lowest level since May 2017. S/t outlook is bearish, with the 3K long-stops set to be washed out.
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Goodnight from London
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