US equity indexes closed on a positive note, SPX +32pts (0.5%) at 6118. Nasdaq comp’ +0.2%. Dow +0.9%. The Transports settled +0.5%. R2K +0.4%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: the sixth day higher of eight, settling at a new hist’ high of 6118. Today’s candle is bullish engulfing, suggestive Friday will print another new hist’ high. Daily momentum is on the very high side. RSI 63… is not yet overbought. The bigger weekly cycle is offering the 6160s.
NAS: higher for a fourth consecutive day, settling +0.2% to 20053. A new hist’ high is clearly viable within the immediate term. The bigger weekly cycle is offering the 20400s.
R2K: the 8th daily gain of 9, settling +0.4% to 229.23. A break above the 50dma appears probable.
Trans: settling +0.5% to 16640. Today’s candle is a little spiky from the 50dma. RSI 57s… not overbought.
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VIX’daily
Volatility was naturally subdued, the VIX settling -0.5% at 15.02. Momentum ticked a touch lower, and remains on the moderately lower side.
The default is to expect the VIX to be ground lower into the weekend, with net higher equities.
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Looking ahead by 6pm EST