US equity indexes closed rather mixed, SPX -4pts (-0.1%) at 4544. Nasdaq comp’ -0.8%. Dow +0.2%. The Transports settled +1.0%. R2K -0.2%.
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a new hist’ high of 4559, but cooling to 4524 on Powell comments, and settling -4pts (0.1%) to 4544. Momentum is offering a provisional ceiling/turn. We have FOUR downside gaps. Its possible only three will be hit… but that still offers the 4450s before Halloween.
NAS: settling -0.8% to 15090. Momentum has started to tick lower. We’ve a gap in the 14700/500s, which appears probable next week, before resuming upward.
R2K: settling -0.2% to 227.43. Momentum is offering a provisional rollover. Best guess… at least a few days of cooling, before a better chance to break up and away.
Trans: a seventh consecutive net daily gain, settling +1.0% to 15772. RSI 77s, s/t overbought. New hist’ highs (>16170) appear due in November.
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VIX’daily
VIX weekly
Volatility printed 16.39 with sp’4524, if cooling back to settle +2.8% to 15.43. Momentum is ticking upward, and might turn positive next Wed/Thurs’.
For the week, the VIX declined by -5.3%. Momentum ticked lower, if remaining fractionally positive.
Next week should see daily momentum swing (if slowly) back toward the VIX bulls, with soft target of the key 20 threshold.
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a little more… by 6pm EST