US equity indexes closed significantly higher, SPX +59pts (1.1%) at 5564. Nasdaq comp’ +1.6%. Dow +0.3%. The Transports settled +0.7%. R2K +1.6%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling +1.1% to 5564. S/t bullish to tag teal gap… before resuming lower. Last week’s bearish engulfing weekly candle is STRONGLY suggestive last Friday’s low of 5497 will be taken out, and then onward to around 5440s… where the 50dma will soon be lurking.
*I see 5669 as a key multi-week high, that should hold until after the election.
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NAS: settling +1.6% to 18007. I’d look for a little further upside to get stuck around the 10MA 18200s.
R2K: settling +1.6% to 220.24. Today’s candle is bullish engulfing, and leans s/t bullish.
Trans: settling +0.7% to 15900. Today’s candle is spiky on the lower side, and leans s/t bullish, if only part of Tues’. I would expect Friday’s low to be subsequently taken out.
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VIX’daily
Volatility cooled back, the VIX settling -9.7% to 14.91. Momentum has rolled over, and will likely tick lower for at least another two days. Natural target is yellow gap… before resuming upward. Perhaps 18/19s… if SPX 5440s.
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Looking ahead by 6pm EDT