sp'daily5
VIX'daily3
Summary
US equities opened very significantly lower, largely pressured via other world markets.
The President was seemingly rattled, and duly took a swipe at Print Central!
Price spiraled lower into and across the afternoon, with the SPX printing 2999 in the closing hour.
Volatility spiked, the VIX settling +47.9% to 40.79. The market is s/t cyclically oversold, and will be inclined to see choppy upside into the weekend. Having decisively broken under the most recent higher low of 3090, 3233 has become a provisional key high. Prime target are the 2830s, which appear more feasible in early/mid July.
The bears push back
Today was certainly a rough day for the market, but one major down day doesn't negate the bullish May settlement in the Nasdaq comp' and SPX.
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| Pushing back - The Truman Show (1998) |
Whilst a foray into the mid 2800s appears realistic, if not probable by mid July, I have to see the m/t trend as bullish unless we see a monthly close back under a number of key technicals, not least the monthly 10MA, the 200dma, and psy'3K. In any case... it was a day of market drama, with more to come this summer, and who doesn't love some drama?
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| Darkening skies... within equity land. |
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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