US equity indexes mostly closed on a weak note, SPX -15pts (0.3%) at 5218. Nasdaq comp’ -0.3%. Dow -0.4%. The Transports settled -0.6%. R2K +0.2%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling -0.3% to 5218. S/t bearish… if only to 5200/5190s, before resuming upward. Momentum ticked lower, prone to turning negative early Tues’.
To be clear… early Tuesday appears set to favour the bears, but there is little reason to expect anything significant/sustained this week. Upper bollinger is offering a new hist’ high… 5249, with the 5300s viable in early April.
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NAS: settling -0.3% to 16384. Monday’s candle is a hollow red reversal, and leans s/t bullish. However, considering s/t price structure, I’d look for early weakness, before an upside reversal.
R2K: settling +0.2% to 205.53. Monday’s candle is black, and leans s/t bearish, if only early Tues’. More broadly bullish to the 225s, as look realistic in May.
Trans: settling -0.6% to 15909. Friday’s black candle played out. S/t bearish, if only early Tues’.
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VIX’daily
Volatility was muted, the VIX printing 13.48, if cooling to settle +1.0% to 13.19. Monday’s black candle leans s/t bearish VIX, and bullish equities. However… on balance, I’d look for equities to begin Tuesday red, but then swing upward, with VIX turning red.
Momentum ticked back upward, if still on the very low side. All things considered, its difficult to see anything >15 this side of the Easter break.
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Looking ahead by 6pm EST