US equities opened in minor chop mode, seeing an early high of 2909, but that was all the bulls could manage. With bond yields continuing to rise, the algo-bots took it as another excuse to resume lower. The sp' saw an afternoon low of 2869, but then saw a late day ramp to settle at 2885.
Volatility printed an early low of 13.46 (11.72 in pre-market), and then whipsawed back upward, seeing a high of 17.36, and then cooling to settle in the upper 14s. S/t outlook offers equity upside to at least sp'2919/25 zone, which should equate to VIX 12/11s.
Bonus chart: Germany, monthly
The DAX is currently -1.1% at 12111. It is very important for the European, and to some extent, the US equity bulls, for this market to resume back upward. If l/t trend from 2009 is broken, that will merit alarm bells, as its effectively open air to 8k.
|Not the most bullish of ends to the week|
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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