sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, and leaned to 3094. Price action was choppy into the afternoon.
Volatility picked up, with the VIX settling + % at 13. .
Yesterday saw a break of s/t rising trend, with s/t equity price structure of a bear flag. If the Wednesday low of 3091 can be taken out - whether tomorrow, or early next week, it will offer a fast run to next downside gap of the 3050/36 zone, which might equate to VIX 17/18s.
More 'spooky news' - namely... US/China trade related, appears due within the immediate term. If the Chinese make it clear 'no phase'1 trade deal' before year end, the market will broadly slide into end month/early December.
Sidenote: It should be clear, the US President has been increasingly intolerant of any degree of equity downside in recent months. If we do cool to the mid/low sp'2900s, it will be fascinating to see how Trump reacts on Twitter.
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Goodnight from London
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