Thursday, 12 July 2018

Thursday gains

US equity indexes closed broadly higher, sp +24pts (0.9%) at 2798. Nasdaq comp' +1.4% at 7823. The two leaders - Trans/R2K, both settled +0.4%. VIX settled -7.7% at 12.58. Near term outlook still offers a cooling wave to around sp'2760.



US equities opened moderately higher, although the gains were a little shaky. However, the buyers did appear - especially within tech, and the market battled upward into the close. The VIX was naturally very subdued, melting lower to the mid 12s. S/t outlook offers a retrace/cooling wave to the sp'2760s.

Bonus chart: China, monthly

The Shanghai comp' is well off the lows, currently -0.3% at 2837. A net July gain would be really helpful to those seeking strength in other world markets (including the US). For now though, the m/t trend is still pretty bearish, as we're well under the key 10MA. 

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