US equities opened broadly weak, and steadily cooled to sp'2759 in the closing hour, back to levels last seen Jan'11th.
With equities unravelling, volatility soared. The VIX saw an intra high of 17.86, which notably broke above last years high. The key 20 threshold is (surprisingly) viable next week, which would be seen if we see further cooling to around sp'2700.
It was the most bearish week since Jan'2016...
The sp' saw a net weekly decline of -110pts (3.8%) to 2762. Underlying price momentum is weakening, but a bearish MACD cross is still at least another full week away. First rising support will be around 2700 next week, which would make for a natural floor, before resuming upward to 2950/3047 zone by late spring.
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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