VIX has closed at its highest since April 19

Equities had another down session.

S&P 500 fell more than 2%. It had its longest run since the GFC in 2007 without a loss that large, 356 days I think was the count. NASDAQ fell hard too:

• NASDAQ index has its worst trading day since November 2, 2022

The CBOE volatility index, VIX, closed at 18.04. Its highest since April 19.

FWIW a plunge like this for stocks is a tightening in financial conditions, like a rate hike but not quite. The Federal Open Market Committee (FOMC) are meeting on July 31. I don’t think this changes the ‘no cut’ outlook, but if there is much more of the same sort of falls that view will change.

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All the dudes that have been calling a top for the past two years are breaking out the high fives today.

This article was written by Eamonn Sheridan at www.forexlive.com.