US equity indexes mostly closed on a positive note, SPX +23pts (0.4%) at 5864. Nasdaq comp’ +0.6%. Dow +0.1%. The Transports settled +0.3%. R2K -0.2%
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a pretty narrow trading range – just 26pts wide, settling +0.4% to 5864. Momentum remains fractionally positive.
NAS: a third day higher, settling +0.6% to 18489. Thursday’s black candle failed to play out. Momentum remains fractionally positive. I’d note the July hist’ high of 18671.
R2K: a second day of minor cooling, settling -0.2% to 225.65. Bulls could argue its just consolidation. Bears could note we’re still below the July 227s.
Trans: settling +0.3% to 16383… the sixth consecutive close above key price threshold. Any price action >16800 would be VERY bullish, and offer a multi-year up wave (much like Nov’2016).
–
VIX’daily
Volatility was ground lower into the weekend, the VIX settling -5.6% to 18.03. Momentum ticked lower for an 8th day, settling marginally negative. Things only turn interesting again with a close >20.
VIX weekly
VIX saw a net weekly decline of -11.9%. Weekly momentum ticked back lower, if remaining net positive.
Regardless of who wins… volatility could be expected to drop Nov’6th… if briefly. I’d keep in mind that particular election-result Wednesday might see rate cut’2 !
–
a little more… by 6pm EDT