sp'daily5
VIX'daily3
Summary
US equities opened significantly higher, and built gains into the afternoon. With Trump not having any on-camera arguments with the democrats, the market was notably stronger, but the late afternoon saw distinct cooling.
Volatility was naturally in melt mode, with the VIX settling in the mid 21s. Today's black-fail candle in the spx favours s/t weakness.. at least for early Thursday.
Battling upward
Today's gains (especially within tech') will give some confidence to the more resilient equity bulls...
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| Ice Cold in Alex, 1957 |
... but I'm guessing it will end in tears, certainly before the Christmas break.
Unless the spx can clear the recent 'trade truce' high of 2800, it still looks like the equity bears will control the market into year end/early 2019. A few minutes of staring at the following monthly chart should suffice...
sp'monthly3
The situation is not so bullish, holding under the key 10MA, with a red Elder candle.
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| Another day closer to the solstice |
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| Crescent moon at dusk |
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Goodnight from London
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