The Fed capitulate

US equity indexes closed very significantly higher, sp +41pts (1.6%) at 2681. Nasdaq comp' +2.2%. Dow +1.8%. The two leaders - Trans/R2K, settled +1.1% and +1.0% respectively. the break >2675 offers a challenge of the 200dma in the 2740s.


sp'daily5

VIX'daily3

Summary

US equities opened broadly higher, and after a little weak-chop, re-built gains into the afternoon. With the press release from Print Central detailing a threat to adjust QT if necessary, along with effectively calling for no more rate hikes, the market soared. The break to new multi-week highs is very significant, and offers a straight run to the 200dma in the 2740s.

Volatility was naturally ground lower, with the VIX settling in the mid 17s.
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