Friday 25 January 2019

Settling the week positive

US equity indexes closed broadly higher, sp +22pts (0.8%) at 2664. The two leaders - Trans/R2K, settled +0.7% and +1.3% respectively. Near term outlook still offers a swing lower into end month.


sp'daily5



VIX'daily3



Summary

US equities opened moderately higher, and built gains into the early afternoon. The spx saw a high of 2672, just 3pts below last Friday's high. S/t price structure does make for a marginal double top.

Volatility was ground lower into the weekend, with the VIX settling in the mid 17s. S/t outlook for the remaining four days of January offers an equity swing lower, if only to test/challenge this week's low of sp'2612.
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Mr Market is arguably flying on vapour fumes

Next week will likely have less sunshine, rainbows, and unicorns
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Goodnight from London
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