US equity indexes mostly closed a little mixed, SPX +4pts (0.1%) at 4382. Nasdaq comp’ +0.1%. Dow -0.1%. The Transports settled -0.2%. R2K -1.1%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: an eighth consecutive daily gain, printing 4391, if cooling back to settle +0.1% to 4382. Today’s candle is black, and leans s/t bearish. Momentum ticked upward, is on the VERY high side, and prone to rolling over within 1-2 days.
Basic retrace target is red gap, with prime target of yellow gap in the 4260s. The first likely equates to VIX 16s, with the latter 18s.
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NAS: a NINTH consecutive daily gain, settling +0.1% to 13650. We’re pushing against m/t declining trend. Momentum is on the very high side, and prone to rolling over within 1-2 days.
R2K: a third day lower, settling -1.1% to 169.87. Orange gap filled. Next due… red gap to the 165s.
Trans: a third day lower, settling -0.2% to 14416. Daily momentum is due to level out, and rollover ahead of the weekend.
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VIX’daily
Volatility remained repressed, the VIX settling -2.4% to 14.45. Momentum has leveled out, and due to tick upward into next week. Soft target are the 16s, with secondary 18s.
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Looking ahead by 6pm EST