Crunch time for the US stock markets

Capitulation day is approaching swiftly

Crunch time for the US stock markets

Capitulation day is approaching swiftly

KEY POINTS

• The DJIA and the SP 500 fell to 52-week lows on 27 September. The NASDAQ and the NASDAQ 100 still hold well above their June lows - confirming our positive divergence thesis.

• The CBOE volatility index (VIX) has moved towards 35; the 52-week high was below 39. The SPX Put…