US equity indexes closed moderately mixed, SPX +6pts (0.1%) at 4981. Nasdaq comp’ -0.3%. Dow +0.1%. The Transports settled +0.8%. R2K -0.5%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a day of considerable weak leaning chop. Printing 4946 in the closing hour, but seeing a mini ramp to settle +0.1% to 4981. Momentum still ticked lower, and is on the moderately low side.
I see ZERO reason to deem 5048 a key m/t high. Sporadic cooling waves have to be expected, and that is likely what ongoing price action is.
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NAS: the fifth day lower of seven, settling -0.3% to 15580. Today’s candle is a hollow red reversal, and leans s/t bullish, if not necessarily the Thurs’ open. Big target is the Nov’2021 hist’ high of 16212.
R2K: a third day lower, settling -0.5% to 197.94. Today’s candle is a hollow red reversal, and leans s/t bullish, if not necessarily the Thurs’ open. I expect a push >205, and onward to the 225s.
Trans: settling +0.8% to 15582. Momentum is on the moderately low side, as the setup favours the bulls into early March.
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VIX’daily
Volatility was a little mixed, the VIX printing 16.10, but cooling back to settle -0.5% to 15.34. Momentum ticked higher for a second day, and is on the moderately high side.
Typically, the VIX could be expected to be ground lower into the weekend. The key 20 threshold still looks out of range for some considerable time… unless a ‘wild card’.
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Looking ahead by 6pm EST