US equity indexes closed very significantly lower, SPX -72pts (1.6%) at 4330. Nasdaq comp’ -1.8%. Dow -1.1%. The Transports settled -0.7%. R2K -1.5%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: the fourth day lower of five, printing 4329, and settling -1.6% to 4330… notably below the August low. Wednesday’s bearish engulfing candle played out. Next support is m/t rising trend (from Oct’2022), currently 4240s, and 4250s next week.
NAS: the fourth day lower of five, settling -1.8% to 13223. The August low of 13161 is set to be taken out, and I’d note the 200dma in the 12400s.
R2K: a fifth day lower, settling -1.5% to 177.10. H/S target… 168s.
Trans: settling -0.7% to 15058. Wednesday’s black candle played out. Next target is the 200dma 14700s. Secondary… is the April low of 13400.
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VIX’daily
Volatility picked up, the VIX settling +15.8% to 17.54.
Momentum is accelerating to the upside.
Wednesday’s bullish engulfing candle played out.
Next target is the key 20 threshold.
Secondary… upper (monthly) bollinger 33s.
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Looking ahead by 6pm EST