Powering toward 3000

US equity indexes closed moderately higher, sp +16pts (0.6%) at 2914. The two leaders - Trans/R2K, settled u/c and +0.4% respectively. VIX settled -2.0% at 12.25. Near term outlook offers an August settlement around sp'2900.


sp'daily5

VIX'daily3

Summary

It was just another day for the equity bulls, with new historic highs for the sp'500 and Nasdaq comp'. The R2K and Trans aren't far behind, with the Dow and nyse comp' set to break the Jan' highs in Sept'/Oct. Volatility remains naturally very subdued, with the VIX settling in the 12s.
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Another day closer to the horror of winter.

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Goodnight from London
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Just another day

US equity indexes closed a little mixed, sp +0.8pts at 2897 (intra high 2903). The two leaders - Trans/R2K, settled -0.2% and u/c respectively. VIX settled +2.8% at 12.50. Near term outlook offers chop all the way into the long holiday weekend.


sp'daily5

VIX'daily3

Summary

It was just another day in equity land, with a trio of new historic highs for the sp', nasdaq comp', and the transports. Volatility was naturally subdued, with the VIX stuck within the 12/11s.
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Goodnight from London
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Battling towards big target

US equity indexes closed broadly higher, sp +22pts (0.8%) at 2896. The two leaders - Trans/R2K, settled +1.1% and +0.2% respectively. VIX settled +1.4% at 12.16. Near term outlook offers Tuesday chop/mild cooling, with August to settle around sp'2900.


sp'daily5

VIX'daily3

Summary

US equities began the week on a positive note, with new historic highs in the sp'500, nasdaq comp', and the R2K. Volatility was naturally subdued, with the VIX settling in the low 12s.
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Big target

At the start of the year I laid out a pretty clear outlook, specifically an end year target of 3245. However, it was always going to be the case that there would be strong aspects of resistance, arguably starting around 2950, to psy'3000 itself, and then giant fib' of 3047. To me, any price action >3047 will give renewed confidence the 3200s are viable into year end. Clearly... that does look a stretch, but the current trend is certainly to the upside.
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