US equity indexes mostly closed higher, SPX +42pts (0.9%) at 4713. Nasdaq comp’ +1.4%. Dow +0.5%. The Transports settled -0.2%. R2K +1.0%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: seeing an early low of 4638, but recovering to settle +42pts (0.9%) to 4713.07. Yesterday’s spiky hollow red reversal candle played out. I’d note we’re still under first resistance of the 10MA – currently 4738. To be decisive, the bulls need >4750…. and that looks overly difficult this side of the long weekend.
NAS: settling +1.4% to 15153. Momentum ticked upward, but remains on the low side, as today’s price action could easily just be a bounce.
R2K: settling +1.0% to 217.57. Yesterday’s spiky reversal candle played out. Momentum remains marginally negative, as the index is s/t broken with the broader market.
Trans: lower for the fourth day of five, settling -0.2% to 15989. Momentum ticked lower, and I’d note the 200dma in the 15200s.
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VIX’daily
With broadly positive equities, volatility cooled back, the VIX settling -5.1% to 18.41. Yesterday’s black spiky candle played out. Momentum remains marginally positive.
If the market is spooked about the CPI data, we can expect renewed upside to at least the 20/21s. Things would turn ‘real interesting’ with any daily close >23.00.
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Looking ahead by 6pm EST