sp'daily5
VIX'daily3
Summary
It was a day of moderate swings, seeing a low of 2737, but then battling upward into the close, settling at 2755. Volatility was itself subdued, settling just under the key 20 threshold. S/t outlook offers a spike in the VIX, with some equity cooling. More broadly though, the sp'2800s with VIX in the mid teens is due.
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Bonus chart: Germany, monthly
We're only four trading days into the month, but its notable that the DAX is currently +0.3% at 11484. The index/market is m/t bearish, having lost the l/t trend from the 2009 collapse lows. Its very difficult to see the US market breaking new historic highs if German equities don't recover.
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Goodnight from London
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