Thursday 18 January 2018

Thursday chop

US equity indexes closed on the weaker side, sp -4pts at 2798. The two leaders - Trans/R2K, settled u/c and -0.6% respectively. VIX settled +2.6% at 12.22. Near term outlook threatens moderate weakness into the opex-weekly close. More broadly, first big target remains 2950/3047, which is clearly at least a few months away.




US equities opened a little weak, saw some chop, leaned a little higher into mid afternoon, with closing hour minor weakness. The Dow notably broke a new historic high.

VIX saw a few minor swings, notably settling higher for the 9th day of past 10. Cyclically high, with the VIX highly prone to cooling back into the 10/9s by end month.

Bonus chart: China, monthly

The Shanghai comp' is currently net higher for January by a very significant 5.1% at 3474. This is a provisional breakout. The 3500s would be decisive, and offer 4500 within 9-15 months. Huge implications for other world markets.

I'd also refer you to the Russian (RTSI) and Italian (MIB) markets. 

A day of blustery showers in the metropolis
Extra charts in AH (usually around 7pm EST) @

Goodnight from London
If you value my work, subscribe to me.

For details: