US equity indexes closed on a weak note, SPX -16pts (0.4%) at 4409. Nasdaq comp’ -0.7%. Dow -0.3%. The Transports settled -0.5%. R2K -0.8%
sp’daily
nasdaq comp
r2k – via proxy IWM
transports
Summary
SPX: a new cycle high of 4448, but cooling back to settle -0.4% to 4409. Today’s candle is a second candle from just below key upper trend resistance. First support is the 10MA, currently 4333, but rising.
NAS: a new cycle high of 13864, but settling -0.7% to 13869. RSI 73s… overbought. First support is the 10MA in the 13400s.
R2K: printing 188.55, but settling -0.8% to 185.93. Momentum is weakening, and prone to turning negative next Thursday.
Trans: a high of 14982, but cooling back to settle -0.5% to 14792. Momentum is flat-lining on the high side.
–
VIX’daily
VIX weekly
Volatility was ground lower into the long weekend, the VIX printing a new multi-year low of 13.48, and settling -6.6% to 13.54. Momentum remains marginally negative.
The VIX declined for the 11th week of 13, net lower by -2.2%. Momentum ticked lower, and remains marginally negative. You can certainly argue the market is on the grossly complacent/greedy side of the scale.
–
a little more… by 6pm EST