US equity indexes mostly closed on a weak note, SPX -19pts (0.5%) at 4117. Nasdaq comp’ +0.4%. Dow -1.1%. The Transports settled -0.7%. R2K -1.1%
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: the 8th day lower of 9, printing 4103, and settling -0.5% to 4117. Momentum is still ticking lower. One legacy gap filled, but that still leaves four more. Basic target for next week is psy’4K.
NAS: settling +0.4% to 12643. Today’s candle is black, with a spike from the 200dma. S/t bearish… a mini crash wave offers 11500.
R2K: the 6th day lower of 8, settling -1.1% to 162.25. Next support… 159s, secondary 137s.
Trans: the 7th day lower of 8, settling -0.7% to 13556. Next support if the April low of 13400, secondary 11946.
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VIX’daily
VIX weekly
Volatility was a little mixed, the VIX printing an early low of 19.72, but rebounding to 22.07, and settling +2.8% at 21.27. Thursday’s black candle initially played out. Daily momentum ticked upward, with a viable 2-4 days of further upside.
For the week, the VIX declined by -2.0%. Momentum still ticked upward.
A second consecutive weekly settlement above the key 20 threshold.
Big target is psy’30. Secondary 48/50. The latter would likely require the SPX 3700s.
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a little more… by 6pm EST