Tuesday chop

US equity indexes closed significantly higher, sp +32pts at 2613. The two leaders - Trans/R2K, settled +2.0% and +1.3% respectively. VIX settled -10.7% at 21.10. Near term outlook offers a test of the Feb' low of 2532, with big target of 2470/50 zone, before climbing across earnings season.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, but the gains were quickly eroded, with an early low of 2575. From there.. another push upward to 2619, with further chop into the close. Volatility was ground lower, with the VIX settling in the 21s. Its notable the VIX is sustainably holding above the key 20 threshold, a level the market never once saw last year.
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Germany, monthly

The economic powerhouse of the EU is still struggling, with the DAX currently -0.8% at 12002. Things would turn very bearish <11300, the 11k threshold to be decisive. The '5 wave' counters could arguably call a grand top in the German market. The obvious big target would be 8k.
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Goodnight from London
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