Friday, 6 July 2018

Holiday week gains

US equity indexes closed broadly higher, sp +23pts (0.8%) at 2759. Nasdaq comp' +1.3% to 7688. The two leaders - Trans/R2K, settled +0.4% and +0.9% respectively. Near term outlook offers a cooling wave, but anything <2740 will be overly difficult.




US equities opened in minor chop mode, and then battled upward, as the buyers appeared. The market climbed into early afternoon, seeing a high of 2764, and then first sign of a cooling wave, that should be seen Monday/Tuesday.

Volatility was naturally in melt mode, with the VIX settling the week in the mid 13s. The s/t outlook for Mon/Tuesday offers cooling to around sp'2740, before resuming higher into the first big earnings,. due July 13th. The sp'2800s look very probable before end month, with new historic highs in the 2900s by late August.

Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
If you value my work, subscribe to me.
For details: