Midweek Chop

US equity indexes closed moderately mixed, sp -2pts (0.1%) at 2813. The two leaders - Trans/R2K, settled -0.8% and -0.1% respectively. Near term outlook continues to offer technical necessity of 2768, before resuming strongly upward.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, leaning on the positive side. The sp' managed to choppily claw to 2825, but then got stuck just under a few aspects of resistance. There was a moderate rollover into the mid afternoon, before a late afternoon (largely weak) mini ramp. The daily close leans bearish into Thursday.

Volatility continues to increase, with the VIX settling higher for the third day of four. S/t outlook offers the sp'2760s, which would likely equate to VIX 15/16s.

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Settling July positive

US equity indexes settled July on a broadly positive note, sp +13pts (0.5%) at 2816. The two leaders - Trans/R2K, settled +1.3% and +1.0% respectively. Near term outlook offers renewed sig' cooling to the sp'2760s, which should equate to VIX 15/16s. New historic highs (>2872) look probable in August.

sp'daily5

VIX'daily3

Summary

Equities ended the month on a broadly bullish month. Today was arguably just a bounce within a s/t cooling wave from 2848, that should see the sp'2760s (with VIX 15/16s). Volatility was in cooling mode, settling in the upper 12s.

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Starting weak

US equity indexes closed broadly weak, sp -16pts (0.6%) at 2802. Nasdaq comp' -1.4% at 7630. The two leaders - Trans/R2K, settled -0.2% and -0.6% respectively. Near term outlook offers minimum technical target of sp'2768 (with VIX 15/16s), before resuming broadly upward.


sp'daily5

VIX'daily3

Summary

Equities opened in minor chop mode, and with a clear absence of more than a few willing bulls, the market resumed lower. There were a couple of mini ramp attempts, but the day closed on a broadly weak note. Tech was notably weak, having broken rising trend that stretches back to April.

Volatility continued to climb, with the VIX settling +9.4% at 14.26. S/t outlook offers the sp'2760s, which should equate to VIX 15/16s. The key 20 threshold looks out of range.
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Bonus chart: Australia, monthly

With just one trading day left of July, the Australian equity market is set for a fourth consecutive net monthly gain. Its a subtle bullish sign for other world markets, esp' Brazil and Russia.

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