sp'daily5
VIX'daily3
Summary
US equities began the short week on a moderately positive note, partly helped by most other world markets. The opening gains were shaky though, with most indexes turning fractionally lower, before renewed upside into the afternoon. The late afternoon saw things broadly unravel (lead by the Transports), settling -0.8% at sp'2802, as last Friday's black candle played out.
Volatility picked up, with the VIX settling +10.4% at 17.50. The s/t setup favours Wednesday chop, whilst Thursday will be prime time for the equity bears. The bigger issue is how the month will settle, and right now, 3 or 4 of the main 6 indexes that I regularly highlight, are on track for a bearish monthly settlement.
Another day closer
We're another day closer to the end of QT, and a rate cut, the latter of which will merit as a seriously bearish equity sell signal. More near term though, we're another day closer to the Trump aerial fleet's arrival to patrol the London skies...
*Jump to t+9mins.
The US President is due for a state visit June 3-5th. June 6th will see Trump in France for D-day anniversary events.
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Goodnight from London
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