US equity indexes closed very significantly lower, SPX -97pts (2.4%) at 4017. Nasdaq comp' -2.7%. Dow -1.9%. The Transports settled -2.1%. R2K -2.1%.
SPX - daily
VIX - daily
Summary
US equities opened on a weak note. There were numerous bounce attempts, but all failed, with the market spiraling lower into the close... ahead of Friday's CPI data.
Volatility picked up, the VIX settling +8.9% to 26.09. Friday is going to be 'real interesting'. Whilst the s/t setup favours the equity bulls, the daily SPX and VIX cycles are both swinging back toward the equity bears.
If you think sp'3810 is a key m/t floor, I've an apartment on the far side of the moon to sell you.
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Meanwhile... in the underbelly of the USA...
Keep in mind, this was made in 2019. After millions of businesses imploding due to the C19 mandates, the societal degradation is clearly now far worse.
As an onlooker from the eastern side of the Atlantic, most sickening is seeing neither side of the political aisle want to address this issue. We've tens of millions of Americans, and neither the Biden admin' or the Republican party give a damn. As Anakin would say... "I don't think the system works".
... not that its any better in communist China...
Part of the problem... somewhat bizarre societal standards, such as not wanting to live in a previously occupied property. More broadly... using precious resources to mask a failing housing sector is beyond madness. An economy, and society not fit for survival.
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Goodnight
from London
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