US equity indexes closed significantly lower, SPX -57pts (1.4%) at 4090. Nasdaq comp’ -1.8%. Dow -1.3%. The Transports settled -1.2%. R2K -0.9%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: early weakness to 4091, but recovering to 4136, only for a pretty ugly closing hour to settle -1.4% to 4090. Momentum ticked lower, and is marginally negative. On balance, I’d look for an OPEX settlement around 4100.
NAS: settling -1.8% to 11855. Momentum is marginally negative. Bears could argue s/t structure of a bear flag is starting to play out… soft target 11500/400s.
R2K: settling -0.9% to 192.61. Today’s candle is a hollow red reversal, and leans s/t bullish, if only part of Friday. Bears can argue s/t structure is a bear flag, offering the 185s next week.
Trans: settling -1.2% to 15209. Momentum has turned negative. Bears could argue s/t structure of a bear flag is starting to play out.
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VIX’daily
Volatility was mixed, the VIX spiking to 20.00, ground lower to 18.43, but swinging back upward to settle +10.6% to 20.17. Momentum ticked back upward, settling marginally positive.
Friday will be OPEX, and the VIX will be inclined to be ground lower into the long weekend… if only a little. A weekly settlement above the key 20 threshold would certainly offer something ‘interesting’ next week.
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Looking ahead by 6pm EST