Wednesday 10 July 2019

Powell induced SPX 3000

US equity indexes mostly closed on a positive note, sp +13pts (0.4%) at 2993   (new historic high 3002). Nasdaq comp' +0.7%. The two leaders - Trans/R2K, settled -0.5% and +0.2% respectively.




Pre-market futures were weak, but the release of Powell's prepared remarks at 8.30am (the timing by the fed was carefully scheduled) saw futures swing to moderate gains. The SPX broke above giant psy'3000 just before 10am.

Powell, and an appropriately capped Art Cashin

The SPX printed 3002, before a moderate cooling wave to 2984, before a secondary wave higher to 2999. The closing hour saw minor chop.  Volatility was ground lower, with the VIX settling -7.5% at 13.03.


Most definitely... not fake news.

Finally, with SPX 3000, the bears have started to turn on each other...

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

Goodnight from London
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