US equity indexes closed broadly higher, SPX +29pts (0.7%) at 4439. Nasdaq comp’ +0.5%. Dow +0.9%. The Transports settled +1.4%. R2K +1.0%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: considerable chop, if leaning upward to 4443, and settling +0.7% to 4439. Momentum ticked back upward, if still marginally negative.
If teal gap is fully filled, the ‘island reversal’ will be negated. It’d further offer upside to around 4500… before the weekend.
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NAS: a second day higher, settling +0.5% to 13760. S/t bulls should be seeking a decisive push >13900. Next major resistance is the upper monthly bollinger… currently in the 15100s.
R2K: a third day higher, settling +1.0% to 189.76. Momentum has turned fractionally positive. Next major resistance are the Feb 197s.
Trans: a third day higher, settling +1.4% to 15941… notably above the early Feb’ high. Next resistance is the upper monthly bollinger, currently in the 16600s.
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VIX’daily
Volatility was ground lower, the VIX settling -1.5% to 14.84. Monday’s black candle played out. Momentum subtly ticked lower, and remains on the high side.
If the SPX breaks >4458, it would likely continue to around 4500, with the VIX settling the week in the 13s.
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Looking ahead by 6pm EST