A sixth consecutive monthly gain

US equity indexes ended the week/month/Q3 on a positive note, sp +9pts at 2519. The two leaders - Trans/R2K, settled higher by 0.3% and 0.1% respectively. VIX settled -0.4% at 9.51. Near term outlook still offers a minimal tag of 2471/61, but more broadly, the year end target of 2683 is on track.


sp'daily5

VIX'daily3

Summary

US equities opened in fractional chop mode, but soon reverted back to algo-bot upward melt. There was a quintet of index highs: sp, nasdaq comp, nyse comp, r2k, and the trans. The only index that missed out was the Dow, held back by CVX, XOM, MRK, and NKE.

Volatility was itself subdued, breaking a new multi-week low, settling in the mid 9s.
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Bonus chart: sp'monthly3

A sixth consecutive net monthly gain, some 126pts (5%) above the key 10MA. A bearish monthly close (<10MA) seems very unlikely for the remainder of the year. Indeed, the original year end target (as published in January) of 2683 remains on track. To reach target will argaubly require WTIC $55/60 for energy stocks, and one further rate hike to inspire the financials.
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Highly recommended presentation, for those with an interest in the future!



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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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*the weekend post will appear Sat'12pm EST, and will detail the World monthly indexes.

The sunny transports

US equity indexes closed moderately positive, sp +3pts at 2510. The two leaders - Trans/R2K, settled higher by 0.5% and 0.3% respectively. VIX settled -3.2% at 9.55. Near term outlook offers a little weak chop into end month/Q3. With each passing day, even a 4-5% retrace to around the 2400 threshold will be increasingly difficult.


sp'daily5

VIX'daily3

Summary

US equities opened a little weak, but then saw algo-bot upward melt, which continued into the late afternoon. There was a notable trio of new historic highs in the Transports, R2K, and the NYSE comp'.

With equity price action subdued, volatility itself remained low, with the VIX once again settling in the 9s.
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Bonus chart: Transports, daily

The tranny climbed for a seventh consecutive day, and is well above the old trading ceiling. The giant psy' level of 10k is clearly viable in the immediate term. The long term implications of the upside break are profoundly bullish. Same applies to the R2K.
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A very autumnal London

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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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A quartet of new historic highs

US equity indexes closed broadly higher, sp +10pts at 2507. The two leaders - Trans/R2K, settled higher by 0.6% and 1.9% respectively. VIX settled -2.9% at 9.87. Near term outlook still offers a basic tag of sp'2474/61, but even a moderate 5% cooling wave in October looks increasingly difficult.


sp'daily5

VIX'daily3

Summary

So much for a drop.

US equities opened a little higher, but the gains largely faded by 11am. Yet.. that was all the bears could manage. With mainstream chatter about the 'Trump tax bill', the market broke a quartet of index highs (sp'500, nyse comp', trans, R2K) in the late afternoon. On any basis... it was a very bullish day.

Volatility remains very subdued, with the VIX settling in the upper 9s.

Near term outlook still offers a basic tag of the sp'2474/61 gap zone, but even the 2400 threshold looks increasingly difficult in October, as the Trans and R2K have both broken out of year long trading ranges.

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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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For details: https://permabeardoomster.blogspot.co.uk/p/subscriptions.htm