sp'daily5
VIX'daily3
Summary
US equities opened a little weak to 2592, but swung upward to break a fractional new cycle high of 2641. Meanwhile...
So... if that is eventually agreed, the Fed will no doubt be buying (if indirectly) another $2trn of bonds. If you think that is a valid solution to the current economic depression, I got a bridge that spans the Atlantic ocean I can sell you.
The afternoon saw renewed weakness, with the market ending the month/Q1 on a pretty weak note. Volatility was in cooling mode, with the VIX settling -6.2% to 53.54.
A fiercely bearish March
Despite a seven day swing from 2191 to 2641, it was unquestionably a fiercely bearish March, as February's bearish engulfing candle played out.
spx'm1b
For the month, the SPX saw a net decline of -369pts (12.5%) to 2584, having printed a low of 2191.
I would merely ask... what 'drama' will April/Q2 offer?
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| The sun sets on March/Q1 |
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| Full moon is April 7th |
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Goodnight from London
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