US equity indexes closed very mixed, SPX -2pts (0.1%) at 4459. Nasdaq comp’ -1.2%. Dow +0.7%. The Transports settled +1.7%. R2K +0.4%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a day of considerable chop, settling -0.1% to 4459. The s/t cyclical setup leans bearish for Thursday, but the Monday low of 4370 looks secure. The 4500s appear due, whether into end month… or early May.
NAS: settling -1.2% to 13453. Momentum might turn positive next week.
R2K: the fourth day higher of six, settling +0.4% to 202.33. Black candle leans s/t bearish.. if only part of Thursday.
Trans: higher for the 5th day of 7, settling +1.7% to 15474. Momentum due to turn positive on Thursday.
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VIX’daily
Volatility was itself subdued, the VIX settling -4.9% to 20.32. Momentum continued to tick lower, and will be prone to turning negative into the weekend, as a weekly close under the key 20 threshold is more probable than not.
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Looking ahead by 6pm EST