US equity indexes mostly closed on a positive note, SPX +37pts (0.6%) at 6263. Nasdaq comp’ +0.9%. Dow +0.5%. The Transports settled -0.3%. R2K +1.1%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: settling +0.6% to 6263. RSI 70s… overbought.
NAS: printing a new hist’ high of 20645, and settling +0.9% to 20611. Tuesday’s black candle failed to play out.
R2K: breaking a new cycle high, settling +1.1% to 223.59
Trans: settling -0.3% to 15902. Daily momo is slowly weakening, as the ‘old leader’ remains stuck under key resistance.
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VIX’daily
Volatility was ground lower for a second day, the VIX settling -5.2% to 15.94. Daily momentum is fractionally negative. VIX is clearly on the very low side… a case of ‘the only way is up’.
To be clear though, I see the VIX trade as dead until the flip side of Labor Day (Sept’1st). Trying to trade a move from 16/15s > 19/20s… is largely pointless.
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Looking ahead by 6pm EDT