US equity indexes closed very mixed, SPX +3pts (0.1%) at 4372. Nasdaq comp’ +0.4%. Dow -0.7%. The Transports settled +1.3%. R2K -1.0%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a fifth day higher, printing a new cycle high of 4391, swinging to 4337, and recovering to settle +0.1% to 4372. Today’s candle is arguably bullish engulfing, and leans s/t bullish… if only early Thurs’.
NAS: a fifth day higher, printing a new cycle high of 13661, and settling +0.4% to 13626. Today’s candle is bullish engulfing, and leans s/t bullish.
R2K: printing a new cycle high of 189.24, but swinging lower to settle -1.0% to 185.95. Today’s candle is bearish engulfing, and leans s/t bearish… if not the actual Thursday open.
Trans: a third day higher, settling +1.3% to 14641. Today’s candle is spiky from a key trend. RSI 63s… the highest since early Feb’.
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VIX’daily
Volatility was a little mixed, the VIX printing 14.73, but cooling back to settle -5.0% to 13.88. Momentum ticked upward… if a little, and remains moderately negative.
Today’s initial reaction to the Fed was indeed a classic fake out. The tell…. well, it was really just based on the micro 5/15min cycles.
The s/t equity setup leans to the bulls for early Thurs’, but I’d be open to some cooling, not least after 11am. The problem the bears face… Friday is the lead into a long weekend, and the default will be choppy equities (not least for a quad-OPEX), and a VIX ground lower.
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Looking ahead by 6pm EST