Late afternoon cooling

US equity indexes closed broadly weak, sp -19pts (0.7%) at 2635. The two leaders - Trans/R2K, settled -1.0% and +0.3% respectively. VIX settled +3.1% at 15.97. Near term outlook still offers upside into the low 2700s.


sp'daily5

VIX'daily3

Summary

US equities opened a little weak, and then saw minor chop into the afternoon, when we had the non-event of the fomc announcement. There was some distinct weakness from a micro spike of 2660, and settling moderately weak. S/t outlook remains bullish into the low 2700s, where there is major trend resistance. The most optimistic outlook is for the 2950/3047 zone, before seeing a larger intermediate or even long term retrace. I recognise that looks overly bullish, but the m/t bullish trend from early 2016 remains intact.

Volatility was once again subdued, and despite a late afternoon equity downswing, the VIX only settled a little higher in the upper 15s. 
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A normal Tuesday

US equity indexes closed moderately mixed, sp +6pts at 2654. The two leaders - Trans/R2K, settled -0.3% and +0.5% respectively. VIX settled -2.8% at 15.49. Near term outlook offers a push into the low 2700s.


sp'daily5

VIX'daily3

Summary

US equities opened a little weak, and choppily declined to an afternoon low of 2625. There was a rather typical latter day 'turnaround Tuesday' ramp, with the sp' settling a little higher at 2654. The s/t setup for Wed' is rather bullish, as a foray into the low 2700s looks probable.

Volatility remained subdued, with the VIX settling in the 15s.
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The mystified mainstream

US equity indexes closed on a broadly weak note, sp -21pts (0.8%) at 2648. The two leaders - Trans/R2K, settled -1.2% and -0.9% respectively. VIX settled +3.4% at 15.93. Near term outlook threatens early Tuesday weakness to around sp'2639, but then a powerful swing back upward, with soft target of the 2720s.


sp'daily5

VIX'daily3

Summary

US equities began the week on a moderately positive note, but the buyers just weren't there, and there was a morning reversal, with all indexes turning moderately lower into the afternoon.

Despite the equity swing lower, volatility remained relatively subdued, with the VIX settling in the upper 15s.
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The mystified mainstream

The headline on the lunchtime show...

So, why aren't earnings pushing stocks higher? Well, obviously... much of it was already priced in. Further, stocks don't have to generate new historic highs every day, week, or month? Have you noticed across the last few years, that the mainstream get pretty damn twitchy at times, when the market hasn't generated at least one index high every few days?

The econ' and equity bulls have nothing to prove. Yes, price action has been very volatile since late January, but again... sporadic retracements have to be expected, even as earnings have come in more superb than expected.

Yours truly has few concerns. As noted at the weekend, price structure is a giant triangle, and it offers broader upside this summer/early autumn. Original big target of sp'2950/3047 zone remains valid.
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April comes to a close.

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