US equity indexes closed broadly higher, SPX +50pts (1.1%) at 4511. Nasdaq comp’ +1.9%. Dow +0.7%. The Transports settled +0.9%. R2K +0.9%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: printing 4522, and settling +1.1% to 4511. Daily RSI 59s… the highest since early January. Cyclically very high, but zero sign of a s/t ceiling/turn. I’d note the Feb’ high of 4595.
To be clear, the m/t trend arguably flips to bullish if March settles >4500, or remains (to be decisive) bearish <4400. If Mr Market really wants to mess with the maximum number of chartists, it’ll settle the month around 4450.
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NAS: the fifth day higher of six, settling +1.9% to 14108. Resistance… Feb’ 14509, and the 200dma in the 14700s. Bulls need >14800 for confidence.
R2K: settling +0.9% to 207.39. I’d especially note the Feb’ high of the 209s. Still m/t broken, with a grander target of the 166s.
Trans: settling +0.9% to 16513. Bulls could argue s/t price structure is a baby bull flag. Bears could argue we’ve seen an ABC bounce from 14133.
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VIX’daily
Volatility was subdued, the VIX settling -2.5% to 22.94. Momentum ticked lower, and is on the VERY low side. I will continue to note… for confidence, equity bulls need to see VIX sustainably back under the key 20 threshold, and that still looks overly difficult.
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Looking ahead by 6pm EST