Mainstream 3047 chatter

US equity indexes closed broadly higher, sp +19pts at 2767. The two leaders - Trans/R2K, settled very significantly higher by 2.3% and 1.7% respectively. VIX settled +0.6% at 9.88. Near term outlook offers a little weakness, but nothing below the 2730s. More broadly, first big target zone is 2950/3047, as even the mainstream are starting to recognise.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, and clawed upward into the afternoon. All six of the main indexes I regularly highlight broke new historic highs.VIX was naturally subdued, and stuck within the 9s.

There is threat of a moderate wave lower, but that is within a market that has extremely powerful underlying upward pressure. There are an ever increasing number of unfilled gaps, and even last Friday's 2731/23 gap now looks almost out of range.
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Mainstream 3047 chatter

My day began with the usual browse of what the mainstream are saying, and I was not disappointed.

Must-watch Video: https://www.cnbc.com/video/2018/01/11/relentless-rally-mixed-with-low-volatility-is-a-recipe-for-problems-drw-trading-strategist.html

Lou Brien is the first (that I'm aware of) to make it on the mainstream financial networks who has dared to mention the next giant fibonacci extrapolation of sp'3047. It was very pleasing to see indeed!

For more chatter on that issue, see my 'outlook for 2018': http://permabeardoomster.blogspot.co.uk/2018/01/weekend-update-outlook-for-2018.html

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The twitchy mainstream

US equity indexes closed fractionally mixed, sp -3pts at 2748. The two leaders - Trans/R2K, settled +0.1% and u/c respectively. VIX settled -2.8% at 9.82. Near term outlook offers a little weak chop to around sp'2730. More broadly, things only get interesting within the sp'2950/3047 zone.


sp'daily5

VIX'daily3

Summary

US equities opened moderately weak, with a rather typical recovery into the afternoon. It was notable that the Transports did break a new historic high, a reminder of underlying m/t price momentum. Despite weak equities, the VIX could only push to the upper 10s, and even settled fractionally lower, reflective of underlying capital market confidence. No one seriously expects a sustained/significant equity down wave any time soon.


Twitchy mainstream

Reading around this morning, it was rather bizarre to see how twitchy some were. Did everyone already forget about 2017? Are we really going to have yet another year where the market broadly climbs, but most get borderline upset on every little down wave?

A valid question: How terrified will the masses become when the market does eventually see a multi-week correction of 5%, or... more?
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Bonus chart: Spain, monthly

Even one of the weaker markets - Spain, is offering a bull flag, with another attempt to challenge giant multi-year resistance of 12k.
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A fine January day

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Day six for the equity bulls

US equity indexes closed a little mixed, sp +3pts at 2751. The two leaders - Trans/R2K, settled +0.2% and -0.1% respectively. VIX settled +7.3% at 10.08. Near term outlook offers a little weak chop, but the 2800s are clearly on the menu for February.


sp'daily5

VIX'daily3

Summary

US equities opened just a little higher, but once again, it was enough to generate new historic highs in all six of the main indexes I regularly highlight. Underlying m/t price momentum remains 'scary strong'. The sp'2800s will be technically viable in February.

Market volatility is naturally subdued, with the VIX sustainably printing the 9s. Does anyone seriously think the key 20 threshold is viable before the market at least hits sp'2950/3047 zone?  
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I fully recognise almost none of you care, but this remains very important...

Italy, monthly

The MIB is currently net higher for Jan' by a rather powerful 5.3% at 23004. A monthly close >24k (by late spring) will be profoundly important for the Italian market, but also most other world markets to some degree. Its not just Italy of course, there is Russia, China... the list could go on.

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