US equity indexes closed broadly higher, SPX +52pts (1.4%) at 3851. Nasdaq comp’ +2.0%. Dow +0.8%. The Transports settled +1.7%. R2K +0.4%.
sp’daily5
nasdaq comp’
r2k, via IWM
transports
Summary
SPX: breaking a new hist’ high of 3859, and settling +52pts (1.4%) to 3851. Momentum turned back to positive. Note the upper bollinger at 3855, as the market is s/t over-stretched. A tag to at least the upper end of yellow gap (3816) is due, before another push toward the 3900s. Right now, 4K looks more realistic within March… than February.
NAS: breaking a new hist’ of 13486, and settling +260pts (2.0%) to 13457. Today’s settlement was above the upper bollinger, with tech s/t very over-stretched.
R2K: breaking a new hist’ high, and settling +0.4%. Whilst lagging the main market today… a new hist’ high IS as bullish as it gets. Bulls need have sleepless nights unless the 50dma is broken… and that is a fair way lower in the 190s. *sidenote, the monthly 10MA for IWM is in the 160s, and that will be around 180 in March.
Trans: settling +225pts (1.7%) to 13126. New hist’ highs appear due… if not until next week.
–
VIX’daily3
With broadly higher equities, volatility was ground lower for a second day, the VIX settling -7.1% to 21.58. Momentum has turned negative. All the equity bulls are missing is a sustained VIX under the key 20 threshold.
–
Looking ahead by 6pm EST