Tuesday 6 August 2019

Post horror bounce

US equity indexes closed significantly higher, sp +37pts (1.3%) at 2881. Nasdaq comp' +1.4%. The two leaders - Trans/R2K, settled +1.3% and +1.0% respectively. Near term outlook offers a Wednesday turn.




US equities opened moderately higher, but swung from an early high of 2873 to 2853, almost filling the opening price gap. There was a secondary push upward, which carried into late afternoon.

Volatility was in cooling mode, with the VIX settling -18.0% to 20.17. S/t outlook offers further equity upside to 2898/2931. Its notable the 50dma is lurking within the upper end of that gap zone. Subsequent downside to the 200dma in the 2790s can be expected, no later than next Wed/Thursday.

Descending into the unknown

A brief moment of peace
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Goodnight from London
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