Tuesday 25 September 2018

Pre-hike chop

US equity indexes closed moderately mixed, sp -3pts (0.1%) at 2915. The two leaders - Trans/R2K, settled -0.5% and +0.2% respectively. VIX settled +1.8% at 12.42. Near term outlook offers new historic highs to the sp'2940/50s.




It was a day of minor chop in equity land, but that is usually the case ahead of an FOMC announcement, even when the market knows what is coming. Volatility remained subdued, with the VIX churning within the 12/11s.

Bonus chart: Germany, monthly

With just three trading days left of September, the DAX is currently +0.1% at 12374, and this is a very significant recovery from the intra low of 11865.

Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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