US equity indexes closed broadly higher, SPX +58pts (1.4%) at 4224. Nasdaq comp’ +0.8%. Dow +1.8%. The Transports settled +1.9%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: opening moderately higher, and after some initial shakiness, building significant gains into the late afternoon, settling +58pts (1.4%) to 4224. Momentum is offering a provisional floor/turn. New historic highs (>4257) appear probable before end month, if not within ‘days’.
NAS: early minor cooling to 13960, but swinging upward, to settle +111pts (0.8%) to 14141. Bulls can argue s/t price structure is a bull flag, offering new hist’ highs within a few days.
Trans: settling +284pts (1.9%) to 14907. I would note the 50dma in the 15300s. Cyclically very low, and prone to leaning upward all the way into early July.
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VIX’daily
With broadly higher equities, the VIX was ground lower, settling -13.6% to 17.89. Momentum ticked lower, and will be prone to turning negative on Wednesday.
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Looking ahead by 6pm EST