The new trading week has opened to some exceptional volatility – with yet another reversal in the speculative compass. Get your market update from JohnKicklighter here:
The new trading week has opened to some exceptional volatility – with yet another reversal in the speculative compass. Last week, exceptional volatility led the S&P 500 swing between extreme slide and extreme gains. To start this new week, there was a robust 1.55 percent gap higher to start the New York session – the biggest such charge since November 9, 2020 – but follow through all but fell apart after the ‘pre-market’ charge.
I’m dubious of the risk appetite that we witnessed to start the week for a number of reasons. Where the traction is the most impressive , there remains critical overhead for chart observers. While the SPX gapped higher on the open and extended its run through the very early hours of trade Monday, there was almost no follow through to be found which in turn further solidifies the past two months’ range top and the 20-day simple moving average.
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