Wednesday 30 May 2018

Wednesday bounce

US equity indexes closed broadly higher, sp +34pts (1.3%) at 2724. The two leaders - Trans/R2K, both settled +1.5%. VIX settled -12.2% at 14.94. Near term outlook offers a cooling wave to at least sp'2702, with secondary target of 2671.




US equities opened moderately higher, and built significant gains into the afternoon. There was a subtle late afternoon rollover from 2729.

With the equity rebound, volatility was naturally in cooling mode, settling in the upper 14s. Near term outlook offers another cooling wave to at least sp'2702, There is almost equal threat of a marginally lower low to 2671, just under the key 50dma. Regardless, even the latter will do nothing to the m/t outlook, as the 2800s remain due.

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Goodnight from London
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