US equity indexes closed very mixed, SPX -33pts (0.7%) at 4667. Nasdaq comp’ -1.7%. Dow u/c. The Transports settled +0.1%. R2K -2.3%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a day of considerable chop, if leaning weak into the close, settling -33pts (0.7%) to 4667. Momentum ticked upward, and is due to turn positive, if after an early Friday washout to orange gap, on ‘hot CPI’ data.
NAS: settling -1.7% to 15517. Today’s candle is suggestive the 50dma (15300s) will be tested on Friday, before resuming upward.
R2K: settling -2.3% to 220.52. I would note the 50dma in the 227s. Bulls need >228s to be decisive.
Trans: settling +0.1% to 16327. Bulls could argue price structure is a baby bull flag, with momentum prone to turning positive next week.
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VIX’daily
Volatility was subdued until the late afternoon, printing 22.12, and settling +8.4% to 21.58. Despite today’s gain, momentum still ticked lower. The only issue is whether we see a weekly settlement above or below the key 20 threshold. My guess… above, but I’ve low confidence, as much will depend on the CPI print.
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Looking ahead by 6pm EST