sp'daily5
VIX'daily3
Summary
It was a choppy day to begin the week, mostly leaning on the bearish side. The sp' swung from a pre-market/overnight decline of around -18pts, opening fractionally higher, and clawing to 2843. There was renewed cooling to break under last Friday's low, with a new spike floor of 2819, climbing to 2832, before closing hour cooling.
Volatility climbed for a third day, with the VIX settling just above resistance of the mid 14s. The 17/18s are clearly viable in the near term.
Best guess, s/t upside for 1-2 days to the sp'2850/60s. It won't take much of an excuse to see a bounce. Whilst Thursday generally favours the bears, Friday opex will lean to chop.
--
Bonus chart: Turkey'100
A Monday decline of -2.4%, which is arguably somewhat impressive considering the ongoing Lira crisis. Note the macd bearish cross, which does lean to the Turkish bears in the immediate term.
--
--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
--
If you value my work, subscribe to me.
For details: https://permabeardoomster.blogspot.co.uk/p/subscriptions.html
