US equity indexes closed on a positive note, SPX +29pts (0.7%) at 3963. Nasdaq comp’ +1.1%. Dow +0.5%. The Transports settled +0.3%. R2K +0.7%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling +0.7% to 3963. Yesterday’s hollow red reversal candle played out. Momentum still ticked lower. Bears could argue s/t structure is a bear flag…. negated if >4K. Natural target remains the 50dma… currently 3834, and that will be around 3850 by next Tuesday 13th… ahead of rate hike seven.
NAS: settling +1.1% to 11082. Today’s candle is a little spiky from the 50dma. Orange gap still threatens s/t downside… as low as the 10300s.
R2K: settling +0.7% to 180.83. Orange gap is acting as s/t support.
Trans: settling +0.3% to 13810. Upper side of orange gap is holding as support.
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VIX’daily
Volatility was itself subdued, the VIX printing 23.28, but settling -1.7% to 22.29. Momentum still ticked upward… as a mini spike to the 25/26s appears realistic.
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Looking ahead by 6pm EST