US equity indexes mostly closed significantly higher, SPX +41pts (0.9%) at 4395. Nasdaq comp’ +1.0%. Dow +1.0%. The Transports settled -0.5%. R2K +1.5%
sp’daily5
nasdaq comp’
R2K
transports
Summary
SPX: settling +41pts (0.9%) to 4395. Today’s candle is rather spiky from within the upside gap. Thursday threatens some cooling. Momentum has started to tick upward. I’d note the 50dma at 4436. A weekly close above it… would be useful.
NAS: settling +1.0% to 14896… fractionally above the 50dma. I’d note the 10MA around 15K. A weekly close above 15k would give some confidence that Monday was a ‘one day wonder’ for the bears.
R2K: settling +1.5% to 220.83. Yesterday’s black candle did NOT play out. It remains broad chop since Feb’. I still expect an eventual bullish breakout. If seen, it will have massive implications for the rest of the market into early 2022.
Trans: a fourth day lower, settling -0.5% to 14000, largely due to FedEx, which also impacted UPS.
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VIX’daily
With broadly higher equities, and with the fed out of the way, volatility was ground lower, the VIX settling -14.3% to 20.87. Orange gap fully filled. Momentum has started to ticked lower. Now its merely a case of whether we see a weekly settlement above or below the key 20 threshold.
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Looking ahead by 6pm EST