Complacency Continues to Reign with Volatilty Near 2016 Lows

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U.S. VIX equity volatility shifted higher on Thursday to extend gains above July lows as the month comes toward a close and stocks continue their lateral path below record highs in the wake of the FOMC. But that could change if BoJ on Friday kick-starts yet another round of central bank stimulus, or fails to do so. The VIX is 4.5% firmer near 13.40 compared to July and 1-year lows of 11.40 set on the 20th. Year lows of 10.88 and life lows of 8.20 lie below, but the likelihood of reaching those levels heading into a potential September Fed hike and national elections in November seems remote. On the upside are the Brexit peak of 26.72 and 32.09 Q1 highs.

EUR/USD

The EUR/USD moved higher for a second straight trading session on the back of a dovish stance from the Fed which is focused on the lack of underlying inflation. The exchange rate pushed through resistance which is now support near the 200-day moving average at 1.1072. Resistance is seen near the July highs at 1.1186. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a buy signal.

The EURUSD moved higher for a second straight trading session on the back of a dovish

WTI Oil

Crude oil prices continued to head south as inventories pile higher and production comes back online. Support is seen near the 200-day moving average at 41.36. Resistance is seen near the 10-day moving average at 44.06. Momentum remains negative as the RSI (relative strength index) breaks through support and is printing a reading of 32, which is on the lower end of the neutral range.

Crude oi[i]l prices continued to head south as inventories pile higher and production comes back online.

US Tech 100

The Nasdaq was nearly unchanged on Thursday after running up on Wednesday following better than expected earnings from Apple. Target resistance is seen near the 2016 highs of 47.50, while support is seen near the April highs at 4,550. The RSI (relative strength index) is now printing a reading of 70.70, which is above the overbought trigger level and could foreshadow a correction.

The Nasdaq was nearly unchanged on Thursday after running up on Wednesday following better than expected earnings from Apple.

Facebook

Facebook shares shot higher on Thursday following better than expected financial results. The stock gapped higher on the open reaching an all-time high. Volume is robust, with support seen near the prior highs near 122. The RSI (relative strength index) is printing a reading of 73.80, which is above the oversold trigger level of 70 and could foreshadow a correction.