VIX still clawing upward

It was a choppy day in VIX land, with a morning high of 15.05, but cooling into the early afternoon as equities turned positive (intra low 13.59), but settling +2.3% @ 14.29. Near term outlook is for renewed equity weakness to the sp'2080s, which should equate to VIX 16s.


VIX'60min

VIX'daily3

Summary

*the fourth consecutive net daily gain for the VIX
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Little to add. At best, equity bears look set for the sp'2080s.. which should equate to VIX in the 16s. Certainly though, the big 20 threshold looks out of range in the near term.

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more later... on the indexes

Closing Brief

US equities closed moderately mixed, sp -2pts @ 2109 (intra low 2099). The two leaders - Trans/R2K, both settled higher by around 0.2%. Near term outlook is for further weakness to the 2090/80 zone, and then renewed strength into the next FOMC of June 17th.


sp'60min

Summary

*a pretty weak closing hour... much like yesterday
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So.. once again the market has got stuck at declining trend/resistance.. this time maxing out at sp'2117, a mere 2pts below yesterdays high.

There is an awful lot of econ/events scheduled across the rest of the week, I find it hard to believe the equity bears won't be able to at least briefly whack the market into the sp'2080s.

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more later... on the VIX

3pm update - resistance still holds

Declining trend/resistance has held at sp'2117, and the day is playing out very similar to Monday afternoon. There is renewed opportunity for weakness into the close. USD remains weak, -1.6%. Gold +$4. Oil has held sig' gains of 1.7%.


sp'60min

vix60min

Summary

A net daily decline would be pretty useful for the bears... although a sub' 2100 close looks out of range.
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notable strength: BTU +11%.. although 11% of a small price (having collapsed) still makes for a low price.
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Eyes to the VIX... +2% in the low 14s....