US equity indexes closed on a weak note, SPX -13pts (0.2%) at 7409. Nasdaq comp’ -0.1%. Dow -0.8%. The Transports settled -0.7%. R2K -0.5%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a second day lower, settling -0.2% to 7709. Friday offers a mini washout to 7630/00, before resuming upward. Daily momentum is still increasingly positive.
I see the Tom Lee is open to 8K before end August, and I can’t disagree, although its far more viable in mid September with the foldable iPhone.
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NAS: a second day lower, settling -0.1% to 26348. Today’s candle is a hollow red reversal, and suggestive Friday will be positive at some point.
R2K: a second day lower, settling -0.5% to 298.25. S/t bearish, if only part of Friday.
Trans: a second day lower, settling -0.7% to 21424. Today’s bounce in oil prices didn’t help. S/t bearish, if only part of Friday.
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VIX’daily
Volatility was a little mixed, the VIX printing an opening high of 16.01, but settling lower for the fifth day of six, -4.2% to 15.15.
Equities will be prone to early downside on Friday, but I’d look for another rebound, with VIX inherently inclined to be ground lower into the weekend. I expect a broadly subdued VIX into mid Sept’.
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Looking ahead by 6pm EDT