Chop ahead of the fed

US equity indexes closed on a positive note, sp +4pts at 2716. The two leaders - Trans/R2K, settled +0.4% and u/c respectively. VIX settled -4.3% at 18.20 Near term outlook offers a rate hike, with a viable March settlement >sp'2800. More broadly... 2950/3047.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and built moderate gains to sp'2724, before choppy cooling into the afternoon. This kind of price action is to be expected ahead of the FOMC, even where the capital markets are well aware of what the fed are going to do.

VIX was similarly choppy, settling in the low 18s. If new historic highs in most/all of the main indexes this spring, single digit VIX will likely be seen once again, but less regular/sustained than we saw in 2017.


France, monthly

With 7 trading days left of March, the CAC is -1.3% at 5252, notably under the key 10MA (5287). I would look for a monthly settlement >5300s.
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