US equity indexes mostly closed on a positive note, SPX +44pts (0.9%) at 4712. Nasdaq comp’ +0.7%. Dow +0.6%. The Transports settled +0.5%. R2K -0.3%.
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a day of considerable chop, if leaning on the positive side. The closing hour saw a mini ramp, settling +44pts (0.9%) to 4712. Momentum has turned positive, and offers at least a few more days of upside into Wednesday’s FOMC.
Orange gap is the threat… if the market is riled up at the Fed/Powell, but that would just make for a higher low, before resuming upward into Christmas week.
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NAS: settling +0.7% to 15630. S/t price structure offers a baby bull flag, as new hist’ highs are realistic before year end.
R2K: settling -0.3% to 219.91. I have to see renewed upside. Things turn decisive >228s, as appear viable before Christmas.
Trans: the sixth day higher of seven, settling +0.5% to 16404. A break above s/t declining trend appears due next Mon/Tuesday, with momentum due to turn positive.
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VIX’daily
VIX weekly
The VIX was ground lower for the fourth day of five, settling -13.4% to 18.69. For the week, the VIX declined by -39.1%. Momentum ticked lower, and will be prone to turning negative in Christmas week.
This week’s settlement under the key 20 threshold is significant, and will be seen by many as an extra equity buy signal.
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a little more… by 6pm EST