Por BofAML's Macneil Curry
Fuente: Zerohedge.com
While US equities have spent much of the past several weeks under pressure (the NASDAQ bio tech index has fallen over 21%, the NASDAQ Comp is down over 8% and the S&P500 is down over 4%),the VIX index suggests conditions should deteriorate further before greater signs of a base materialize.
Since 2012 most tradable market lows have come only after the VIX has pushed north of 20%. It is currently only 17%.
While US equities have fallen sharply, the VIX index still shows signs of complacency. Historically, most tradable equity bottoms transpire after the VIX Index trades above 20%.
With it currently residing at 17%, the S&P500 can deteriorate further towards 9m trendline support / 200d avg at 1792/1761
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