US equity indexes closed rather mixed, SPX +5pts (0.1%) at 4405. Nasdaq comp’ +0.1%. Dow -0.2%. The Transports settled -1.2%. R2K -1.2%
sp’daily5
nasdaq comp’
R2K – via IWM
transports
Summary
SPX: an early low of 4367 – filling a minor legacy gap, recovering to 4418, and settling +5pts (0.1%) to 4405. Momentum ticked lower, and doesn’t yet offer a clear floor/turn. I’d note the 50dma at 4348, which has broadly held since early Nov’2020. The 4500s still appear on the menu.
NAS: printing 14423, but settling +15pts (0.1%) to 14541… a second subtle close under the 50dma. Cyclically low, but no clear sign of a floor/turn.
R2K: a sixth consecutive day lower, settling -1.2% to 211.97, the first close under the 200dma since Sept’2020. Last line in the sand is the recent low of the 209s. I could understand if some are ringing the alarm bells.
Trans: a third day lower, settling -184pts (1.2%) to 14520. Momentum ticked lower, and will be prone to turning negative next Mon/Tuesday. I’m still inclined to see the recent low of 14230 holding.
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VIX’daily
Volatility picked up, the VIX printing 24.74, if cooling back to settle +0.5% to 21.67. Today’s candle is black, and leans s/t bearish for volatility, not least for OPEX, which will typically see the VIX ground lower into the weekend… even if equities are mostly sideways chop.
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Looking ahead by 6pm EST