Equities still struggling

US equity indexes closed somewhat mixed, sp +7pts (0.2%) at 2847. Nasdaq comp' -0.1%. Dow +0.4%. The two leaders - Trans/R2K, settled -0.8% and -0.4% respectively. Near term outlook offers upside (if choppy) into opex.

sp'daily5

VIX'daily3

Summary

It was a very choppy day in equity land, with the SPX seeing significant overnight swings, opening positive, but breaking a new cycle low in the mid afternoon of 2825, just 3pts above last week's low. The late afternoon did see a distinct rebound though.

Volatility settled -4.2% at 21.18. S/t outlook favours equity upside to the 2894/2926 gap zone, before resuming lower. Primary target next week is the 200dma around the 2800 threshold, with secondary of the 2730/20s.
--

Soft landing into Friday OPEX ?

--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: permabeardoomster.com

 

Midweek horror

US equity indexes closed powerfully lower, sp -85pts (2.9%) at 2840. Nasdaq comp' -3.0%. The two leaders - Trans/R2K, settled -3.0% and -2.8% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened significantly lower, pressured via the US 10yr/2yr inverting, as the mainstream were again worried about an eventual recession.

Trump chimed in...

... and shortly later...

--
The afternoon saw the Trump continue...

 ... and it remains a historic irony, if not tragedy, that the US President cites Payne, rather than Schiff.

The video quality is lousy, but see t+5mins..




Payne's big pick for 2008...

... Washington Mutual, which effectively imploded, with the remains picked up by JPM. I hope that at least the financial historians of the 22nd or 23rd century will see things for how they really were.
--

Volatility naturally spiked, with the VIX printing 22.71, and settling +26.1% at 22.10. S/t outlook favours choppy upside into opex to the sp'2890/2900s. More broadly, cooling to at least 2800, if not the 2730/20s.
--

Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: permabeardoomster.com

 

An excuse to hyper spike

US equity indexes closed significantly higher, sp +43pts (1.5%) at 2926. Nasdaq comp' +1.9%. The two leaders - Trans/R2K, settled +1.2% and +1.1% respectively. Near term outlook offers renewed downside.


sp'daily5

VIX'daily3

Summary

The market was always liable to see an early Tuesday reversal, as the s/t cylical setup was on the low end. Equities opened in minor chop mode, but then hyper spiked on news that the US would delay  tariffs until December. The market didn't care that the delay only applied to a small proportion (20% or so), with the SPX soaring to 2943... the lower end of 2943/53 gap, where the 50dma was lurking.

Or should that be...

--
The afternoon saw considerable price chop, with the closing hour leaning a touch weak.

Volatility was ground lower, with the VIX settling -16.9% to 17.52. The s/t cyclical setup favour the bears, offering the sp'2900 threshold with VIX 20/21s.
-


Turn the machines back on!

As initially highlighted by Pisani of CNBC, the SPX, Dow, and Transports effectively flat-lined from 1.42pm>1.57pm EDT.

It can't be seen as a 'healthy sign', as the equity market is set for further volatility into late summer/early autumn.
--

Almost full

--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: permabeardoomster.com