US equity indexes closed significantly lower, SPX -55pts (1.2%) at 4456. Nasdaq comp’ -1.3%. Dow -1.3%. The Transports settled -1.8%. R2K -1.7%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling -55pts (1.2%) to 4456. Momentum has rolled over. Soft target is Monday’s low of 4424, and then the 50dma at 4420. The 4350s look probable, but how March settles is what will really matter.
NAS: a high of 14152, but cooling into the late afternoon, settling -1.3% to 13922. Today’s candle is very spiky on the upper side, and leans s/t bearish.
R2K: settling -1.7% to 203.86. Momentum has rolled over. Note that the February 209s were not cleared. Still m/t broken. Target 166s.
Trans: settling -1.8% to 16214. Momentum ticked lower for a third day. S/t price structure of a bull flag won’t be valid if back under the 10MA. Any strength in oil/fuel prices will especially pressure the transports.
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VIX’daily
Volatility picked up… if only a little, the VIX settling +2.7% to 23.57. We have a cyclical turn in momentum, which at the current rate might turn positive before end month.
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Looking ahead by 6pm EST