US equity indexes closed on a broadly positive note, SPX +37pts (0.8%) at 4521. Nasdaq comp’ +1.3%. Dow +1.1%. The Transports settled +1.1%. R2K +1.7%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling +37pts (0.8%) to 4521. Today’s candle is bullish engulfing, and leans s/t bullish. I’d note the 50dma at 4613, and teal gap. Upper bollinger has now declined to 4741, and will act as another wall into next week’s OPEX.
So… the setup leans bullish. The only threat is Thursday’s CPI. Otherwise… the 4600s… before resuming lower (after OPEX) into end month.
—
NAS: settling +1.3% to 14194. I’d especially note the 200 and 50dma … soon to intersect in the 14700s. I do not see the Nasdaq being able to break/hold >15K, before another powerful wave lower. Its arguably price structure is just a wave’2 ABC bounce… currently in the early part of a C wave.
R2K: a third day higher, settling +1.7% to 202.74. Resistance 203s…and then the 212s.
Trans: settling +1.1% to 15360. S/t price action is a mess. I’d note the 50dma as major resistance in the 15800s.
–
VIX’daily
Volatility was ground lower for a third consecutive day, the VIX settling -6.2% to 21.44. Momentum ticked lower, and is on the very low side. Its notable we remain above the key 20 threshold, as this market remains pretty twitchy… as it rightly should be.
–
Looking ahead by 6pm EST