$SPX Closes the Week Higher as Volatility Tanked and the US Dollar Declined
US equity indices regained some of the loses made over the last two weeks as the US dollar and Volatility rally slowed down
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US Equities closed the week higher as the US dollar lost some of it’s bullish steam. The last major economic number of the week from the US, the Services PMI came out positive at 55.1 and the forecast was for 54.5. This could not however stop the dollar index from closing the week out slightly lower, although the overall trend and macros remain bullish.
$SPX closed the week up +2%, the $NDAQ gained +2.78% and $DOW added +1.85%. There is a good chance price will get to last week’s high as we are expecting volatility to continue downwards next week.
The price of the index looks likely to move higher in the first half of March. Our previous analysis for this instrument can be found here.
WTI closed the week up +4.40% and BRENT gained +3.77% on the tailwinds of growth in China.
US02Y -0.65%
US10Y -2.61%
US30Y -2.98%
VIX -14.76%
DXY -0.7%
JPY +0.34%
AUD +0.63
CHF +0.40%
CAD +0.12%
REET +1.01%
BAC/REET -1.15%
XLF +0.93%
XLF/XLU +1.47%
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