Thursday 11 June 2020

The bears push back

US equity indexes closed very powerfully lower, sp -188pts (5.9%) at 3002. Nasdaq comp' -5.3%. Dow -6.9%. The Transports settled -7.7%.




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.

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?

Darkening skies... within equity land.
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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