sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, saw a low of 2991, and clawed to 3003 in early afternoon. With news of the Fed increasing the overnight REPO offerings from $75bn to $120, the closing hour saw a mini ramp to settle at a new intraday high of 3004.
Volatility remained subdued, with the VIX settling -3.1% at 14.01. We have four downside gaps to sp'2911/2893, and those will have to be tagged sooner, rather than later.
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Goodnight from London
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