Bad News Thursday

US equity indexes closed rather mixed, sp -5pts (0.2%) at 2727 (intra low 2707). The two leaders - Trans/R2K, settling +1.2% and u/c respectively. VIX settled -0.4% at 12.53. Near term outlook still threatens a mini washout to the sp'2670s, but that would be dropped on a break >2742.


sp'daily5

VIX'daily3

Summary

US equities opened a little lower, saw an early minor bounce, but then news that Trump cancelled the June summit with North Korea, saw the market spiral lower.

Sad.

However, the bad news only spooked the sp'500 to 2707, with yet another subsequent latter day recovery, to settle -0.2% at 2727. Today was day'9 of a tight trading range of 2742/01. Until we break >2742, I'm still a little suspicious the market might want to washout to the 2670s.

Volatility saw a morning high of 14.24, but then cooled for the rest of the day, even settling fractionally lower in the mid 12s.
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The chop continues

US equity indexes closed a little mixed, sp +8pts (0.3%) at 2733 (intra low 2709). The two leaders - Trans/R2K, settled -0.1% and +0.1% respectively. VIX settled -4.8% at 12.58. Near term outlook threatens a brief washout to the sp'2670s.


sp'daily5

VIX'daily3

Summary

US equities saw yet another day of moderate chop, seeing a low of 2709, but then a latter day recovery to turn fractionally higher. Its notable that today was day eight, within what is a pretty tight trading range of 2742/01.

Volatility naturally jumped in early trading (intra high 14.60), but then cooled into the late afternoon, settling moderately lower in the mid 12s.
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Late afternoon cooling

US equity indexes closed on a rather weak note, sp -8pts (0.3%) at 2724. The two leaders - Trans/R2K, settled -1.1% and -0.7% respectively. Near term outlook offers a little weakness, but nothing sustained under sp'2710. More broadly, the 2800s still look due in June.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and battled to 2742. From there... a great deal of micro chop, and leaning distinctly weak in the late afternoon. Yesterday's opening gap of 2725/12 looks set to be fully filled, before the market resumes upward. The R2K notably broke a new historic high for a FIFTH consecutive day, which bodes well for the other indexes into early summer. 

Volatility was naturally subdued, and despite late afternoon equity cooling, the VIX only settled a little higher in the low 13s.
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Bonus chart: Germany, monthly

The DAX is currently net higher for May by a very significant 4.4% at 13169. New historic highs look due into early summer. Price structure is a clear five waves from the March 2009 low.
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