Tuesday 30 June 2020

June settles

US equity indexes closed broadly higher, sp +47pts (1.5%) at 3100. Nasdaq comp' +1.9%. Dow +0.8%. The Transports settled +1.3%.




Equities opened a little choppy, leaning weak to 3047, but then clawing back upward into early afternoon.

These remain bizarre times, the following two screenies are added, if only for historical posterity...

"No one cared who I was until I put on the mask"

"No one cared until I started buying Newmont $NEM corp' bonds"

The afternoon saw considerable chop, but with the closing hour seeing an upward spike to 3111, and settling at 3100. Volatility was ground lower, the VIX settling -4.2% to 30.43.

With the SPX settling June above multiple aspects of support, not least the 50dma, psy'3K, the monthly 10MA, and the 200dma, it made for a second consecutive bullish monthly settlement. The market still looks vulnerable to the mid/low 2800s, but I would expect July itself to also settle >3K, not least if stim' bill 4 is passed.

Moody skies... as June/Q2/H1 settles
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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