Another week for the bulls

US equity indexes closed moderately mixed, sp +7pts @ 2276 (new historic high 2282). The two leaders - Trans/R2K, settled +0.6% and -0.3% respectively. VIX settled -3.0% @ 11.32. Near term outlook offers a little weakness, but broadly... the market remains super strong.


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Summary

The week concluded with a pair of new historic highs.. with sp'2282 and Nasdaq comp'5536. On any basis... such new highs remain the ultimate bullish signal.

VIX cooled for a fourth consecutive day, as Mr Market remains very comfortable, and rather confident of the year ahead. For now, the key 20 threshold looks as out of range as it has since the Trump victory.

Goodnight from London
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*The weekend post will appear Sat' @ 12pm.

Moderate chop

US equity indexes closed moderately weak, sp -1pt @ 2269. The two leaders - Trans/R2K, settled lower by -0.7% and -1.2% respectively. VIX settled -1.5% @ 11.67. Near term outlook offers another minor wave lower to at least 2257. More broadly, Dow 20k and sp'2280s remain due.


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Summary

It was a day of moderate weakness for the broader market, with the sp'500 settling a mere 1pt lower.

Despite equity weakness, the VIX still couldn't manage a gain, settling lower for a third consecutive gain. We have a market that is supremely confident that 'everything is just fine... at least in the near term'.
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*I'm still open to taking end 2017 targets for the sp'500, along with any other outlooks. Email.. or post via Disqus.

Goodnight from London

Another bullish day

US equities closed broadly higher, sp +12pts @ 2270. The two leaders - Trans/R2K, settled higher by 1.0% and 1.6% respectively. VIX settled -7.8% @ 11.85. Near term outlook offers very little to the bears, as daily price momentum is swinging back to the bulls. Dow 20k and the sp'2300s are due.


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Summary

A second day of gains for most equity indexes, with the sp'500 coming to within just 5pts of a new historic high. Underlying MACD (blue bar histogram) cycle continues to tick upward. At the current rate we'll see a bullish cross next Mon/Tuesday. Upper daily bollinger is offering the 2280s in the near term... 2290s seem viable next week.

VIX is naturally in cooling mode, already falling into the 11s. If Dow 20k this Friday - when the monthly jobs data is due, VIX could easily settle the week in the 10s.

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I'm still taking end 2017 predictions for the sp'500, along with any other thoughts, and will look to publish them - with my own outlook, this weekend.
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Goodnight from London