US equity indexes closed broadly lower, SPX -38pts (0.8%) at 4704. Nasdaq comp’ -1.2%. Dow -0.8%. The Transports settled -1.7%. R2K -2.7%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a third day lower, printing 4699 – effectively filling purple gap, and settling -0.8% to 4704. Momentum is increasingly negative, with no sign of a s/t floor/turn, although one is due.
NAS: a fourth day lower settling -1.2% to 14592. I’d note the 50dma at 14104.
R2K: a fourth day lower settling -2.7% to 194.15, on higher vol’. No sign of a s/t floor/turn.
Trans: a fifth day lower, settling -1.7% to 15504. Price cluster support within the 15200/100s. I don’t expect anything sustained <15K.
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VIX’daily
Volatility was a little mixed, the VIX printing 14.22, and settling +6.4% at 14.04. Tuesday’s black/spiky candle failed to play out. Momentum ticked upward for a second day, and is on the moderately higher side.
I still see zero reason to expect anything >20, until we’re at least past the third long weekend of Jan’13-15th.
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Looking ahead by 6pm EST