US equity indexes closed broadly higher, SPX +50pts (1.3%) at 3969. Nasdaq comp’ +1.8%. Dow +0.8%. The Transports settled +1.8%. R2K +1.2%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: the third day higher of four, settling +1.3% to 3969. Teal gap tagged. I’d note the 200dma at 3987. On balance, Mr Market could be expected to want to wash out the 4K short-stops.
Any price action >4030 would break m/t declining trend, and offer a run to the 4300s. For now, that still looks unlikely… but 4030 should be kept in mind.
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NAS: a fourth consecutive daily gain, settling +1.8% to 10931. Resistance 11100s.
R2K: the fifth day higher of six, settling +1.2% to 182.76. Yesterday’s bullish engulfing candle played out. Massive resistance 184/188.
Trans: the sixth day higher of seven, settling +1.8% to 14304… pressing against the upper bollinger. I’d note the November high of 14797. Any price action >14800 would be decisive, and indirectly bode for the sp’4300s.
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VIX’daily
Volatility remained muted, the VIX settling +2.5% to 21.09. Momentum ticked lower, settling fractionally positive. I’d accept the equity bears could call today’s VIX daily candle as an ‘inside day’, which tends to lean bullish.
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Looking ahead by 6pm EST