US equity indexes closed broadly higher, SPX +35pts (0.8%) at 4441. Nasdaq comp’ +1.2%. Dow +0.6%. The Transports settled +0.2%. R2K +1.7%
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a second day higher, printing 4444, and settling +35pts (0.8%) to 4441. Momentum has started to tick back upward, and will be prone to turning positive late next week, as the 4500s are clearly viable before the Labor day holiday.
NAS: a second day higher, settling +172pts (1.2%) to 14714. New historic highs in the 15000s remain on the menu… before Labor day.
R2K: settling +1.7% to 215.51. I’d note the 50dma in the 223s. I still expect a massive bullish breakout >233… although yes, its clearly taking way longer than anyone expected. If we do see such a breakout, it will have MASSIVE multi-month bullish implications for the broader market.
Trans: settling +34pts (0.2%) to 14554. Its arguable that s/t price structure is a bull flag. New hist’ highs >16170 appear realistic late Sept’/Oct.
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VIX’daily
VIX weekly
With equities ending the week broadly positive, volatility was ground lower, the VIX settling -14.3% to 18.56. Thursday’s black candle played out… as they usually do. Momentum has started to tick lower, and will be prone to turning negative next Wednesday.
For the week, the VIX gained +20.1%, with a notable exhaustion high of 24.74. Momentum ticked higher, settling on the fractionally positive side.
I still don’t expect any hyper spikes (arguably >30 or so) until after Labor day.
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a little more… by 6pm EST