US equity indexes closed a little higher, SPX +12pts (0.3%) at 4140. Nasdaq comp’ +0.4%. Dow +0.2%. The Transports settled +0.5%. R2K +0.8%.
sp’daily3
nasdaq comp’
r2k
transports
Summary
SPX: a day of considerable minor chop, if settling +0.3% to 4140. Price structure is offering a minor 4 (a mirror to the minor 1), before a fifth.. ahead of Labor day.
NAS: settling +0.4% to 12431. S/t bullish 1-2 days… before another swing lower.
R2K: settling +0.8% to 192.43. Best guess… 1-2 days higher, before another wave lower.
Trans: a second day higher, settling +0.5% to 14703. Bears could argue s/t price structure is a bear flag… although I’m more inclined to a Powell induced bounce.
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VIX’daily
Volatility was subdued, the VIX settling -5.3% to 22.82. I’d note today’s high of 24.86 was from around multiple aspects of s/t resistance. Yesterday’s (very subtle) black candle played out. Today’s candle is bearish engulfing, and leans s/t bearish VIX, and s/t bullish equities.
The next big spike upward is far more realistic after the Labor day holiday break.
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Looking ahead by 6pm EST