US equity indexes closed rather powerfully lower, SPX -155pts (2.7%) at 5614. Nasdaq comp’ -4.0%. Dow -2.1%. The Transports settled -2.3%. R2K -2.6%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: opening sig’ lower, and spiraling across the day to 5564 (the lowest since Sept’12th 2024), and settling -2.7% to 5614. The first daily close <200dma since Nov’2023, which merits alarm bells… more so on a m/t basis.
Next support is around 5400, with the market inclined to floor this week, ahead of the Fed. Subsequent bounce target… 5650/5750 zone.
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NAS: settling -4.0% to 17468. Support 16600/400s.
R2K: settling -2.6% to 200.66. Bigger weekly charts are offering a floor around 195.
Trans: settling -2.3% to 15254… as the ‘old leader’ has been under the 200dma for a few weeks. M/t broken.
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VIX’daily
Volatility climbed, the VIX printing 29.56 (the highest since Aug’2024), and settling +19.2% at 27.86. Momentum ticked upward, and is on the high side.
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Looking ahead by 6pm EST