US equity indexes closed very significantly lower SPX -65pts (1.5%) at 4393. Nasdaq comp’ -2.1%. Dow -1.0%. The Transports settled -0.3%. R2K -2.3%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a morning high of 4512, but then spiraling lower into the late afternoon to 4384, and settling -1.5% to 4393. Bearish engulfing candle from the 200dma. S/t bearish… at least for part of Friday. To be clear… I’m still highly inclined to see upside… if choppy, into early May.
NAS: an early high of 13710, but settling -2.1% to 13174. Bearish engulfing candle, with a subtle spike from the 50dma… bodes bearish for at least part of Friday.
R2K: printing 204.80, but settling -2.3% to 197.72. Yesterday’s black candle played out… as they usually do. Today’s candle is bearish engulfing, and leans s/t bearish, at least for part of Friday.
Trans: settling -0.3% to 15409… holding above the 50 and 200dma. Momentum still turned positive.
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VIX’daily
Volatility was mixed, printing 19.81 in early morning, but then climbing into the close, the VIX settling +11.6% to 22.68. Momentum ticked back upward.
Best guess… even if Friday opens weak, I’d look for equities to recover, settle net positive, with a net decline in the VIX.
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Looking ahead by 6pm EST