Volatility moderately higher

With US indexes moderately lower, it was no surprise to see the VIX build gains across the day, settling higher by 5.5% @ 11.60. Near term outlook is for renewed upside in equities, with the VIX remaining in the 12/10 zone. The 9s remain viable.. if briefly.


VIX'daily3

Summary

We're going to surely break out of the descending trend next week -at the FOMC.

Even then, I only expect 15/16s..at the very most...perhaps equivalent to sp'1905/00 - where is there are multiple aspects of support.

From there, I'll be looking for another wave higher in equities, which should keep VIX pinned low into mid July.
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more later..on the indexes

Closing Brief

US indexes closed moderately lower, sp -6pts @ 1943.  The two leaders - Trans/R2K, settled lower by -0.8% and -0.5% respectively. Near term outlook is bullish into the sp'1960s, by the FOMC of June'18.


sp'60min

Summary

Little to add.

Today's minor declines, regardless of whether you want to call it a sub 4.. or D wave, I still expect further upside into early next week.
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the usual updates across the evening.
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more later..on the VIX

3pm update - minor upward churn into the close

US equities look set for minor churn - with underlying bias to the upside, into the close. Mr Market continues to display the same style of price action as it has for some weeks..arguably..months.


sp'60min

Summary

There really isn't much to note.

There is certainly some interesting action going on in individual stocks, but the broader market is basically just seeing some minor weakness, after what have been pretty significant gains from the sp'1864 low.
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*I will hold moderately LONG overnight, via WFM - which has recovered well from earlier lows, and I remain seeking the $44s.


3.15pm... market quietly pushing upward..

WFM has recovered very well, and might even close net positive, which is certainly pleasing..I could do with the 44s by late Friday, and then close out for the weekend.


3.28pm... I realise most have no concern for it,, but hey...why not cheer on WFM...after all, its my one and only LONG position!

A daily close in the $42s would be good...and keeps up 44s by Friday..although I realise that would require a sig' jump across the remainder of the week.

Main market...merely in standard recovery mode....1944....