US equity indexes mostly closed on a weak note, SPX -6pts (0.1%) at 4670. Nasdaq comp’ +0.05%. Dow -0.45%. The Transports settled -1.5%. R2K -0.4%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: printing 4582, but recovering to settle -6pts (0.1%) to 4670. Today’s candle is a very spiky hollow red reversal, and leans s/t bullish, at least for part of Tuesday. Momentum is still ticking lower.
NAS: printing 14530, but swinging upward to settle +0.05% to 14942. Today’s candle is spiky from around the 200dma, and leans s/t bullish, at least for part of Tuesday. Momentum is still weakening.
R2K: printing 211.11, but settling -0.4% to 215.29. Today’s candle is a very spiky reversal, and leans s/t bullish, at least for part of Tuesday.
Trans: the third day lower of four, settling -1.5% to 16018. Momentum has turned negative, and there is no clear sign of a floor/turn.
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VIX’daily
With equities spiraling lower in early morning, the VIX spiked to 23.33, if cooling back to settle +3.4% to 19.40. Today’s black candle is very spiky on the upper side (an appropriate mirror to the SPX), and leans to VIX cooling. Momentum ticked upward.
Equity bears could argue price action is similar to Nov’23rd, with the VIX cooling on the 24th, but then surging on the Monday 26th. I remain suspicious that Wednesday will offer a more natural equity capitulation… not least if the CPI data is hotter than expected.
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Looking ahead by 6pm EST