sp'daily5
VIX'daily3
Summary
US equities opened moderately lower, but much like last Friday, there was an opening reversal, and stocks battled back upward into the mid afternoon. Once again, the transports broke a new historic high (if only fractional), and it bodes well for the main market into the autumn.
Volatility was naturally subdued, with the VIX melting into the low 13s.
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Bonus chart: Germany, monthly
As things are, the DAX is currently -3.2% at 11970. Its a very borderline situation. Whilst the US market has been able to shrug off weakness in China this year, I'm dubious whether it can do the same if the DAX breaks l/t rising trend. The September settlement will be very important indeed.
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Goodnight from London
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