All The Stars

US equity indexes closed significantly higher, sp +33pts (1.3%) at 2663. The two leaders - Trans/R2K, settled 1.1% and 1.2% respectively. VIX settled -7.1% at 14.77. Near term outlook offers a challenge of the upper side of the giant triangle... around sp'2720.


sp'daily5

VIX'daily3

Summary

US equities opened moderately lower, with yet another test of the 200dma at sp'2615. There was an opening reversal, with equities powering back upward. There was certainly some degree of short-stop cascade, but also a case of 'bullish chasers' piling in.

Volatility saw an opening high of 16.92, but was naturally ground lower as equities powered back upward. This was notably the fourth consecutive net weekly decline in the VIX, and is indicative of underlying capital market confidence.

For the week....

The sp' saw a net weekly decline of -6pts (0.2%). Broader price structure is a giant triangle, which is inherently bullish. A break above the upper side (currently 2720s) appears a given, whether next week, or not until June. Original big target of 2950/3047 still looks due.
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My local star at 3.15pm EST

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For the Black Panther fans out there...

*NSFW, which is ironic for a video with >112M views.



yours... indirectly bullish DIS

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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.
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Spike floor

US equity indexes closed moderately weak, sp -5pts at 2629. The two leaders - Trans/R2K, settled -0.3% and -0.5% respectively. VIX settled -0.4% at 15.90. Near term outlook offers upside (if choppy) into the weekend. Things will only turn decisively bullish with a few closes >2720s.


sp'daily5

VIX'daily3

Summary

US equities opened moderately weak, and quickly imploded, breaking the key 200dma (sp'2614/15). That break saw another tranche of bulls washed out. From a morning low of 2594, the market very powerfully rebounded, even turning fractionally positive in the late afternoon.

With equities breaking support in early morning, the VIX spiked (intra high 18.66). With the subsequent rebound, the VIX rapidly cooled, even settling fractionally lower in the upper 15s. Its notable that despite a brief break of equity core support, the VIX didn't soar above the key 20 threshold. Despite the twitchy mainstream, underlying capital market confidence remains strong.

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

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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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Goodnight from London
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