US equity indexes closed a little mixed, SPX -11pts (0.3%) at 4079. Nasdaq comp’ -0.6%. Dow +0.4%. The Transports settled -0.5%. R2K +0.2%
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a second day lower, printing 4047, but recovering to settle -0.3% to 4079. Today’s candle is a hollow red reversal, and leans s/t bullish, at least for part of Tuesday. Momentum ticked lower, and is moderately negative.
Support… lower bollinger 3995, and that will be around 4000 next Tuesday. On the upside… s/t declining trend – as of Tuesday, around 4142.
Bulls should be seeking to clear above this week’s high of 4159.
Bears should be more focused on a monthly settlement… <4K.
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NAS: a second day lower, settling -0.6% to 11787. Today’s candle is a hollow red reversal, and leans s/t bullish, at least for part of Tuesday.
R2K: settling +0.25% to 193.09. Thursday’s hollow red reversal candle played out. Momentum ticked lower, and remains moderately negative.
Trans: a second day lower, settling -0.5% to 15135. Momentum is increasingly negative.
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VIX’daily
VIX weekly
The VIX printed an early high of 21.30, but was then (rather naturally) ground lower into the long weekend, settling -0.7% to 20.02. Momentum ticked upward, and is marginally positive.
The VIX saw a net weekly decline of -2.5%. Momentum ticked upward, but remains fractionally negative.
I still see the VIX CALL trade as dead, and instead see SPY PUTS as far less problematic.
*bonus chart*
VIX monthly momentum continues to weaken. At the current rate… it might turn positive late April/early May. Until mid/late April, I see zero reason to be meddling in the VIX.
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a little more… by 6pm EST