sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, seeing an early high of 2909, but that was all the bulls could manage. With bond yields continuing to rise, the algo-bots took it as another excuse to resume lower. The sp' saw an afternoon low of 2869, but then saw a late day ramp to settle at 2885.
Volatility printed an early low of 13.46 (11.72 in pre-market), and then whipsawed back upward, seeing a high of 17.36, and then cooling to settle in the upper 14s. S/t outlook offers equity upside to at least sp'2919/25 zone, which should equate to VIX 12/11s.
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Bonus chart: Germany, monthly
The DAX is currently -1.1% at 12111. It is very important for the European, and to some extent, the US equity bulls, for this market to resume back upward. If l/t trend from 2009 is broken, that will merit alarm bells, as its effectively open air to 8k.
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| Not the most bullish of ends to the week |
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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