The Calm
Markets are beginning to quiet down. Detailed analysis below…
It was a calm start to the week yesterday following a fairly positive weekend of tariff related newsflow. The SPX finished +0.79, NDX +0.57%, and RTY +1.14%.
Volumes have lightened up considerably, with 17.8B total shares traded across all US equity exchanges vs the YTD daily avg of 16.5B. Last Wednesday, Monday, and the previous Friday were the 3 highest volume days in the history of the US stock market.
The VIX finished -18%, and in my view, continues to form its topping pattern on the daily and hourly charts.