US equity indexes closed broadly higher, sp +34pts (1.0%) at 3315. Nasdaq comp’ +1.7%. Dow +0.5%. The Transports settled +0.8%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: opening positive, but seeing a brief cooling wave to 3270, another push higher to 3320, and settling +34pts (1.0%) to 3315. Note the 10MA at 3352 and the 50dma at 3348. Indeed, major resistance the 3340/50s should hold, with another swing lower to 3100.
NAS: seeing an early low of 10753, but settling +184pts (1.7%) to 10963. Yesterday’s reversal candle played out. Major resistance of 11k, with the 50dma. The 200dma in the 9500s is prime target.
Trans: setting +85pts (0.8%) to 11215. Note how key price threshold of the 11000s is holding as s/t support. The 50dma in the 10600s appears probable within the near term.
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VIX’daily3
Volatility was subdued, the VIX settling -3.3% at 26.86. Yesterday’s spiky black candle played out. Today’s candle offers no sign of a floor, but its difficult to see VIX much below the recent 24s on Wednesday. Momentum remains marginally negative, and will be prone to turning positive on Thursday… when we’ll be prime to see another wave of equity ‘drama’.
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Looking ahead by 6pm EST