Chop into the weekend

US equity indexes closed on a positive note, sp +2pts (0.1%) at 2706. Nasdaq comp' -0.2%. Dow +0.3%. The two leaders - Trans/R2K, settled +0.6% and +0.2% respectively. Near term outlook offers the 200dma of sp'2741.


sp'daily5

VIX'daily3

Summary

The new month began on a choppy note, although the spx did break a new cycle/bounce high of 2716.66. The afternoon saw further chop, increasingly leaning on the weaker side, with a nano ramp in the closing few minutes.

Volatility broke a new cycle low, settling in the low 16s. S/t outlook offers the 200dma in the sp'2740s, which will very likely equate to VIX 15s.
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Goodnight from London
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January settles positive

US equity indexes settled January on a broadly positive note, sp +23pts (0.9%) at 2704. Nasdaq comp' +1.4%. The two leaders - Trans/R2K, settled -0.2% and +0.8% respectively. Near term outlook offers the 200dma in the sp'2740s.

sp'daily5

VIX'daily3

Summary

Equities opened in minor chop mode, but with the bears still powerless after the dovish Fed/Powell, the market resumed upward, and broke a new cycle high of sp'2708. The afternoon saw weak chop.

Volatility broke a new cycle low, settling in the 16s.

In AH... news of Trump with the Chinese vice-premier...

Even if a trade agreement is reached in Feb/March, whilst it would likely be a s/t boost to equity prices, it will do nothing of any significance to stall the global econ-cooling. Neither will further threats of QT adjustment or no more rate hikes from Print Central.
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Goodnight from London
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The Fed capitulate

US equity indexes closed very significantly higher, sp +41pts (1.6%) at 2681. Nasdaq comp' +2.2%. Dow +1.8%. The two leaders - Trans/R2K, settled +1.1% and +1.0% respectively. the break >2675 offers a challenge of the 200dma in the 2740s.


sp'daily5

VIX'daily3

Summary

US equities opened broadly higher, and after a little weak-chop, re-built gains into the afternoon. With the press release from Print Central detailing a threat to adjust QT if necessary, along with effectively calling for no more rate hikes, the market soared. The break to new multi-week highs is very significant, and offers a straight run to the 200dma in the 2740s.

Volatility was naturally ground lower, with the VIX settling in the mid 17s.
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