Bullish breakout

US equity indexes closed broadly higher, sp +25pts (0.9%) at 2723. The two leaders - Trans/R2K, settled +0.9% and +0.5% respectively. VIX settled -1.4% at 13.23. Near term outlook offers further upside to the sp'2740/50s, before threat of a cooling wave.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and after a little chop, achieved a decisive bullish breakout in late morning. The breakout offers further near term upside to the 2740/50s, before next opportunity of a cooling wave. We have two downside gaps, and those will arguably need to be filled at some point.

With equity strength, volatility melted lower for a sixth consecutive day, with the VIX settling in the low 13s, the lowest close since Jan'26th.
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Nearing big resistance

US equity indexes closed broadly higher, sp +25pts (1.0%) at 2697. The two leaders - Trans/R2K, both settled higher by 0.6%. VIX settled -8.8% at 13.42. Near term outlook is uncertain, as the sp'2700/15 zone will offer powerful resistance, but an eventual bullish breakout looks due, regardless of any cooling wave.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, saw a touch of cooling in late morning to 2674, but then swung back upward, and built sig' gains. The sp' became stuck at what is a key gap of 2701/08. Whether we see a rollover from within 2700/2715, before a bullish breakout, is difficult to say. What does seem clear, a bullish breakout IS due, and one that will offer original big target of 2950/3047.

Volatility was naturally subdued, with the VIX melting lower for a fifth consecutive day, settling in the mid 13s.
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SPY 300

US equity indexes closed moderately mixed, sp -0.7pts at 2671. The two leaders - Trans/R2K, settled +0.8% and +0.5% respectively. VIX settled -0.3% at 14.71. Near term outlook offers upside to challenge big resistance in the low sp'2700s.


sp'daily5

VIX'daily3

Summary

US equities opened a little weak, and choppily declined into the early afternoon. US President Trump then made the announcement that he is revoking the 2015 Iranian deal. Price action was moderately  choppy, with the indexes even briefly turning fractionally positive.

Just more fake news

As as aside, there was notable SPY option activity today: >100000 each of the July $290 and $295s. Its subtly suggestive that some of the 'big money' is looking for a major bullish breakout within the relatively near term. A grander move to original big target of 2950/3047 still looks probable.

Volatility remained relatively subdued, churning within the 15/14s.
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Goldilocks weather in London

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