Bullish breakout

US equity indexes closed broadly higher, sp +25pts (0.9%) at 2723. The two leaders - Trans/R2K, settled +0.9% and +0.5% respectively. VIX settled -1.4% at 13.23. Near term outlook offers further upside to the sp'2740/50s, before threat of a cooling wave.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and after a little chop, achieved a decisive bullish breakout in late morning. The breakout offers further near term upside to the 2740/50s, before next opportunity of a cooling wave. We have two downside gaps, and those will arguably need to be filled at some point.

With equity strength, volatility melted lower for a sixth consecutive day, with the VIX settling in the low 13s, the lowest close since Jan'26th.
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