US equity indexes closed on a positive note, SPX +12pts (0.3%) at 4410. Nasdaq comp’ +0.6%. Dow +0.3%. The Transports settled +1.2%. R2K +2.4%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: printing 4222, but recovering to settle +0.3% to 4410. I’d note first resistance of the 10MA at 4583. Bears could argue today is part of some kind of wave’4 bounce, with a lower low in a fifth wave… perhaps to floor around psy’4K.
To be clear, I do NOT see 4222 as a key multi-week/month cycle floor. In fact, the bigger monthly appears suggestive of at least the 4000/3800 zone, with a 3K ‘crashy’ threat.
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NAS: printing 13094, but recovering to settle +0.6% to 13855. Prime target of 13k has effectively been hit. The bigger monthly cycle is offering secondary of the 38% fib’ of 12500. 10K appears a ‘crashy’ threat.
R2K: printing 191.23, but recovering to settle +2.4% to 201.82. Note first resistance of the 10MA in the 208s.
Trans: printing 14876, but recovering to settle +1.2% to 15435. Today’s candle leans s/t bullish t0 the 10MA
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VIX’daily
With spiraling equities, the VIX spiked to 38.94, the highest since Oct’2020. The late day equity ramp saw the VIX cool back, if still settling +3.6% to 29.90. There is no clear sign of a change in momentum, which continues to build.
Special note…
I’d note that VIX monthly momentum has turned positive. The last time this happened was Feb’2020. March 2020 didn’t go so well for equities, as VIX 50/60s appear a high threat, whether before end month, or by mid Feb’.
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Looking ahead by 6pm EST