US equity indexes closed rather mixed, SPX +23pts (0.4%) at 5916. Nasdaq comp’+1.0%. Dow -0.3%. The Transports settled -0.7%. R2K +0.7%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: an early low of 5855, but bouncing to 5923 – tagging green gap, and settling +0.4% at 5916. S/t structure is an ABC bearish pennant, with daily momentum increasingly negative. Soft target is a full fill of orange gap to 5782. The most realistic bearish s/t target is around 5700.
NAS: settling +1.0% to 18987… tagging last Friday’s gap. S/t bearish to the 50dma in the 18300s.
R2K: settling +0.7% to 230.63. Today’s candle is bullish engulfing, but I’m rather dismissive of it.
Trans: a fourth day lower, settling -0.7% to 17028. Orange/Trump appears set to be filled before the weekend.
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VIX’daily
Volatility was rather mixed, the VIX printing an opening high of 17.07, but cooling back to settle +4.9% at 16.35. Momentum ticked upward for a fourth day, and is prone to turning positive within 1-2 days. Basic upside target would be around the key 20 threshold.
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Looking ahead by 6pm EST