US equity indexes closed rather powerfully higher, SPX +107pts (2.6%) at 4277. Nasdaq comp’ +3.6%. Dow +2.0%. The Transports settled +2.8%. R2K +2.8%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: printing 4299 in the closing hour, and settling +2.6% to 4277. Momentum ticked upward, but will be prone to another stall from around the key zero threshold. A break <4114 appears very probable. The 50dma is set to cross under the 200dma… within 2-3 days.
NAS: settling +3.6% to 13255. Lower highs… lower lows. Bulls need to clear >13900… which looks unlikely. Grand target mid/low 11000s.
R2K: a second day higher, settling +2.8% to 200.25. Momentum has turned fractionally positive. The bulls have nothing to tout, unless >210 (to be decisive). Grand target 166s
Trans: settling +2.8% to 15142. I’d note upside resistance of the 200 and 50dma… as this sector/index is also due a ‘death cross’.
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VIX’daily
Volatility was ground lower for a second day, settling -7.6% to 32.45. Momentum ticked lower, but is still net positive. On any basis, we have not yet seen equity market capitulation, nor a VIX hyper spike.
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Looking ahead by 6pm EST