US equity indexes closed on a weak note, sp -7pts (0.2%) at 3435. Nasdaq comp’ -0.3%. Dow -0.3%. The Transports settled -1.1%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: seeing an early high of 3464, but leaning weak into the close, settling -7pts (0.2%) to 3435. Momentum settled fractionally positive, and is due to turn negative at the Thursday open. I would note the 50dma at 3404, which is realistic tomorrow, assuming no progress between Pelosi and Mnuchin on stim bill 4.
NAS: settling -31pts (0.3%) to 11484. Tuesday’s black candle played out… if only a little. Note the 50dma in the 11200s.
Trans: settling -135pts (1.1%) to 11725. Momentum has turned negative. Note the 50dma in the 11300s.
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VIX’daily3
VIX saw a pre-market high of 30.55, an early (cash market) high of 29.88, but cooled back, settling -2.4% to 28.65. Momentum continues to build. A break AND hold >30, will offer a run to the 35s.
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Looking ahead by 6pm EST