Wednesday 31 January 2018

Chop into end month

US equity indexes ended the month on a moderately mixed note, sp +1.4pts at 2823. The two leaders - Trans/R2K, settled +0.1% and -0.5% respectively. VIX settled -8.4% at 13.54. Near term outlook offers upside into the weekend. More broadly, the 2900s appear on the menu for the latter half of February.




US equities opened moderately higher, but maxed out at 2839, and then saw chop across the day. Once the FOMC was out of the way, the market leaned weak, breaking a new intralow in the closing hour, then leaning fractionally higher.

The VIX opened weak, filled yesterday's gap, and then climbed as equities cooled in the late afternoon.

*stockcharts settling VIX print of 13.70 is different from my trading screen of 13.54, and I'll side with the screen!

YTD performance, sp'daily6

With one month of the year complete, the Nasdaq comp' is currently +7.4%, with the sp' +5.6%. Even the laggy R2K and Trans are still net higher by a significant +3.4% and +2.6% respectively. On any basis, it was a powerfully bullish start to the year.

The sun sets on an exceptionally bullish January

Extra charts in AH (usually around 7pm EST) @

Goodnight from London

If you value my work, subscribe to me.

For details: