Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our intermediate-term outlook remains bearish/cautious, and we continue to believe a prolonged downturn is likely, which has been the case since our 4/1/25 Compass. However, shorter-term...</li>
<li>SPX is now 4.5%-5.0% lower than last week (when we said to expect the rally to fizzle), and is testing 5100-5120 support.</li>
<li>5100-5120 has been a key level several times dating back to early 2024, and is a level to trade against to the long side.</li>
</ul>


Our intermediate-term outlook remains bearish/cautious, and we continue to believe a prolonged downturn is likely, which has been the case since our 4/1/25 Compass. However, shorter-term...
SPX is now 4.5%-5.0% lower than last week (when we said to expect the rally to fizzle), and is testing 5100-5120 support.
5100-5120 has been a key level several times dating back to early 2024, and is a level to trade against to the long side.


Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

<ul>
<li>Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity</li>
<li>We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ. </li>
<li>A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level</li>
</ul>


Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity
We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ. 
A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level


Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.</li>
<li>The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.</li>
<li>With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.</li>
</ul>


We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.
The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.
With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.


Global Markets: Why This Sell-Off Is Different. UPDATE

<ul>
<li>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

<ul>
<li>Monthly deep-dive into price and vol metrics across Global indexes and macro assets.</li>
<li>In-Depth look at the current state of the markets as well as how volatility and price may unfold.</li>
<li>We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.</li>
</ul>


Monthly deep-dive into price and vol metrics across Global indexes and macro assets.
In-Depth look at the current state of the markets as well as how volatility and price may unfold.
We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.


April Global Macro Volatility: Strong Price and Vol Seasonals

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

Upgrading Consumer Staples $XLP to Overweight; Still Intermediate-Term Bearish/Cautious, But use 5100-5120 on $SPX as a stop loss and a level to...

Vermilion Research

Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Expecting $SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive. Crucial long-term SPX and $QQQ supports at 4800-4820 and...

Vermilion Research

Global Markets: Why This Sell-Off Is Different. UPDATE

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

April Global Macro Volatility: Strong Price and Vol Seasonals

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

Upgrading Consumer Staples $XLP to Overweight; Still Intermediate-Term Bearish/Cautious, But use 5100-5120 on $SPX as a stop loss and a level to...

Vermilion Research

Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Expecting $SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive. Crucial long-term SPX and $QQQ supports at 4800-4820 and...

Vermilion Research

Global Markets: Why This Sell-Off Is Different. UPDATE

​Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

April Global Macro Volatility: Strong Price and Vol Seasonals

​Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...