What a difference a trading day makes. As of Friday’s close only seven of the fourteen major global indices that we track were below their 50-day moving averages. As of today, they all are. The S&P500, Dow (just barely), Nasdaq, all three European, and the Korean Kospi broke their 50-days. The Hang Seng and Shanghai fell sharply to close below their 200-day moving averages.
Some positives were the VIX, after opening at 19.55, traded lower almost all day. The S&P500 filled the April 19-20 opening gap at 1312.70-ish and held. The BOVESPA and Mexican Bolsa were able to muster impressive bounces off their opening lows. And, finally, Apple, after probing the key support level of $327.50, closed up $5 off its low of $329.42. Given the attack of the Macro Swans and lack of upside catalysts, tough to see how we bounce big here, other than some nutcracking short covering. Let’s see what Turnaround Tuesday brings us. (click here if table is not observable)