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S&P Clings To Technical Support Despite Oil & Gold Dump

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What could go wrong?

 

 

 

 

Today was all about the 200-day moving average for the S&P 500...2019.40 was all that mattered...

 

20160314_EOD11_0.jpg

 

 

 

VIX was slammed every time they lost the 200DMA - and seemed to give up at the close...

 

20160314_EOD13_0.jpg

 

 

 

Oil roundtripped to EURUSD's Drgahi lows but stocks ignored it on super low volumes...

 

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On the day, The Dow and Nasdaq clung to gains but the rest got hammered into the close - note the algo confusion around the European close (US on DST, EU not)

 

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Energy and Financials lagged on the day...

 

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This is what the end of a short-squeeze looks like (Peabody Energy crashed 36% at its lows - the biggest drop ever for the stock)...

 

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Treasury yields fell on the day (apart from 2Y which was very modestly higher)...the day was divide by the EU close once again

 

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Notably, as CS notes, Treasury options skew shifted back into positive territory for the first time this year (i.e no longer positioning for falling rates)

 

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The USD Index ended the day higher but had a volatile day of building strength and sudden weakness...

 

20160314_EOD10_0.jpg

 

 

 

The Brazialian Real dumped after news that Rousseff will seek to name Lula as a minister in her new cabinet...

 

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Copper and Silver managed to end unchanged as oil and crude slipped...all slammed at the US equity open

 

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Crude's biggest 1 day drop in a month...

 

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Gold's biggest 2-day drop since July 2015...

 

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What happened the last 2 times it was hit like this...

 

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Charts: Bloomberg

 

 

 

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