US equity indexes mostly closed on a weak note, SPX -42pts (0.8%) at 5572. Nasdaq comp’ -0.2%. Dow -1.1%. The Transports settled -3.1%. R2K +0.2%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a new cycle low of 5528, bouncing to 5636, and settling -0.8% to 5572. RSI 28s is oversold, but a more natural floor would be from around 5400.
NAS: the 10th day lower of 14, settling -0.2% to 17436. S/t bearish, if only a few more days.
R2K: printing a new cycle low of 198.53, if settling +0.2% to 201.09. Today’s candle is black, and leans s/t bearish. Natural support 195s.
Trans: the 12th day lower of 15, settling -3.1% to 14780… back to the August low. S/t bearish, if only another few days.
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VIX’daily
Volatility remains elevated, the VIX printing a new cycle high of 29.57, if cooling back to settle -3.4% to 26.92. Momentum ticked a little higher, and remains on the high side. Once equities have a s/t floor, the VIX can be expected to be ground down to at least the key 20 threshold.
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Looking ahead by 6pm EST