Thursday, 20 November 2025

An ugly downside reversal

US equity indexes mostly closed significantly lower, SPX -103pts (1.6%) at 6538. Nasdaq comp' -2.1%. Dow -0.8%. The Transports settled -1.4%. R2K -1.9%

SPX - daily

VIX - daily

Summary

US equities opened significantly higher, with the SPX printing 6770. However, there was a powerful downside reversal, falling to 6534, and settling at 6538.

Volatility saw an early low of 19.28, spiking to 28.27, and cooling back to settle +11.7% to 26.42.  

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Above the London rooftops


Meanwhile...

Semeru, Indonesia
 
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