US equity indexes closed on a broadly weak note, sp -41pts (1.2%) at 3567. Nasdaq comp’ -0.8%. Dow -1.2%. The Transports settled -0.7%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: a day of most minor chop, but seeing some late afternoon significant cooling, settling -41pts (1.2%) to 3567. Today’s candle leans s/t bearish, if only for early Thursday. Note purple gap to 3537.
NAS: settling -97pts (0.8%) to 11801… a single point above first soft support of the 10MA.
Trans: breaking a new historic high of 12629, but swinging lower to settle -85pts (0.7%) to 12349. Today’s candle leans s/t weak… if only for early Thursday.
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VIX’daily3
Volatility was subdued for most of the day, printing a new cycle low of 21.66, but picking up in the late afternoon, the VIX settling +5.0% to 23.84. Momentum remains deeply negative, but is slowly turning back toward the volatility bulls.
However, on no realistic outlook do I expect the pre-election 41s to be broken above in the remainder of the year… even if the election is formally contested by Trump.
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Looking ahead by 6pm EST