Wednesday 12 December 2018

Battling upward

US equity indexes closed rather mixed, sp +14pts (0.5%) at 2651. The two leaders - Trans/R2K, settled u/c and +1.0% respectively. VIX settled -1.4% at 21.46. Near term outlook threatens early Thursday weakness.




US equities opened significantly higher, and built gains into the afternoon. With Trump not having any on-camera arguments with the democrats, the market was notably stronger, but the late afternoon saw distinct cooling.

Volatility was naturally in melt mode, with the VIX settling in the mid 21s. Today's black-fail candle in the spx favours s/t weakness.. at least for early Thursday.

Battling upward

Today's gains (especially within tech') will give some confidence to the more resilient equity bulls...

Ice Cold in Alex, 1957

... but I'm guessing it will end in tears, certainly before the Christmas break.

Unless the spx can clear the recent 'trade truce' high of 2800, it still looks like the equity bears will  control the market into year end/early 2019. A few minutes of staring at the following monthly chart should suffice...


The situation is not so bullish, holding under the key 10MA, with a red Elder candle.

Another day closer to the solstice

Crescent moon at dusk

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

Goodnight from London
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