Thursday, 5 November 2020

Top of the pennant

US equity indexes closed very significantly higher, sp +67pts (1.9%) at 3510. Nasdaq comp' +2.6%. Dow +1.9%. The Transports settled +2.4%. 






US equities opened very significantly higher, helped by other world markets, but also by a broadly weaker dollar. The SPX pushed to 3529 in the morning... nearing the Oct' high.


... the political drama continues, with Twitter continuing to battle against the US President.

 It was a fed day...

The Powell

The CEO of Print Central didn't announce anything new, but did issue the usual threats to do more. As ever... broadly pathetic, and the financial historians of the 22nd century won't look kindly on Powell.

The afternoon saw a little cooling to 3502, but still settling very significantly higher. Price structure is a large bullish pennant, as price action since August has been consolidation/chop after the hyper ramp from March. The s/t threatens some cooling, but broadly... new historic highs can be expected, not least with further stimulus.

Volatility cooled for a fourth day, the VIX settling -6.7% to 27.58.

A fine sunset in lockdown city

Extra charts in AH (usually around 5pm EST) @

Goodnight from London

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