VIX melts lower into Thanksgiving

Whilst US equities saw a day of nano scale price action, the VIX naturally melted lower into the holiday break, settling -4.6% @ 15.19. Near term outlook offers further equity upside into the sp'2100s... and that will likely equate to VIX going sub-teens in early December.


VIX'60min

VIX'daily3

Summary

The equity market was naturally very subdued, and in such cases, the VIX melting lower was not at all surprising.

VIX looks set to remain broadly subdued.. and likely hit the 12/11s... before year end. The only issue is whether we'll see another brief burst to test the key 20 threshold.

As things are... both such events are not mutually exclusive.

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more later... on the indexes

Closing Brief

US equity indexes closed mostly subdued, sp -0.3pts @ 2088. The two leaders - Trans/R2K, settled u/c and +0.8% respectively. Near term outlook offers further upside into the 2100s, with new historic highs in the sp', Dow, and Nasdaq before year end.


sp'60min

Summary

*a touch of weakness into the close, but well above first support of the lower hourly bollinger @ 2078 or so.
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A daily range of 6.7pts... just 0.3%... not surprising though... as a lead into the holiday.

The smaller 15/60min cycles offer opportunity for minor weakness to the sp'2085/80 zone on Friday morning, but from there... renewed upside.. at least to the 2110/20s.

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To all my American readers out there... have a good Thanksgiving holiday break.

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*the usual bits and pieces across the evening.. to wrap up the day.

3pm update - nano chop into the close

US equities look set for continued nano-scale price chop into the holiday close. It remains notable that Oil has recovered all of the earlier sig' declines (-2.5%), and is trading a touch higher around the $42/43 threshold. Metals are mixed, Gold -$5, whilst Silver +0.2%.


sp'60min

USO'daily2

Summary

... the last hour of a naturally quiet day.

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back at the close