US equity indexes closed rather mixed, SPX +9pts (0.2%) at 4001. Nasdaq comp’ +1.0%. Dow -0.3%. The Transports settled -0.1%. R2K +0.03%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: opening on a positive note, pushing to 4068, but then a 110pt swing to break a new multi-year low of 3958. There was a secondary push upward to 4041, if cooling to settle +0.2% to 4001. Today’s black candle leans bearish, at least for part of Wednesday. Grand target remain the 3500s.
NAS: printing 11566, if settling +1.0% at 11737. Today’s black candle leans bearish… at least for part of Wednesday.
R2K: printing a new cycle low of 171.20, if recovering to settle +0.03% to 174.96. Today’s black candle leans bearish… at least for part of Wednesday. Primary target remain the 166s.
Trans: a fourth day lower, settling -0.1% to 14462. I’d note the Sept’2021 low of 13946.
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VIX’daily
Volatility remained elevated, reflective of an unstable market, the VIX settling -5.1% to 32.99. Momentum weakened a little, but still remaining distinctly positive.
Equity bulls could argue VIX is exhausted on the upper side, but it should be clear, we’ve not seen any real equity capitulation. The only thing that remains somewhat surprising is that we’ve not seen VIX >40 with SPX <4K.
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Looking ahead by 6pm EST