Wednesday 29 May 2019

Unable to hold key support

US equity indexes closed broadly lower, sp -19pts (0.7%) at 2783. Dow -0.9%. The two leaders - Trans/R2K, settled -0.8% and -0.9% respectively. The remaining two days of the month will offer increasing chop, leaning on the weaker side.




US equities opened on a moderately weak note, and spiraled to significant declines into early afternoon, with the SPX unable to hold the 200dma. The afternoon saw considerable chop, with the SPX settling back above the 200dma. Whilst the mainstream touted the closing hour mini recovery, the bigger picture is increasingly ugly.

Volatility picked up, with the VIX settling +2.3% to 17.90. However, its notable the VIX is still far below the May 9th high of 23.38, back when the spx floored from 2836.

The s/t cyclical setup leans to the equity bulls (not least via a black VIX candle), but Thursday will inherently favour the bears. On balance, expect a lot of chop, leaning on the weaker side into end month.

ISS crossing the western coast of South America

Not the best of summer days in the UK

Looking westward across Eastern Europe.

For a live feed, see 'Earth Views' @ NASA TV via Youtube 
LIVE ISS tracker/map @

Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
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