US equity indexes closed rather powerfully higher, SPX +136pts (1.8%) at 7736. Nasdaq comp’ +2.6%. Dow +1.7%. The Transports settled +2.6%. R2K +1.8%
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: a fourth day higher, printing a new hist’ high of 7758, and settling +1.8% at 7736. Momentum is increasingly positive, as the 7800s appear due. The only issue is whether 7900 or 8000 by mid September… when the foldable iPhone is released.
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NAS: a fourth day higher, settling +2.6% to 26584. Momentum is increasingly positive.
R2K: a second day higher, settling +1.8% to 301.71. Daily momentum has turned positive, as a new hist’ high is due.
Trans: a second day higher, settling +2.6% to 21779. Momentum prone to turning positive into the weekend.
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VIX’daily
Volatility was a little higher, the VIX settling +4.0% to 16.50.
Daily momentum remains marginally negative.
Today’s candle is bullish engulfing, but I’m largely dismissive of it.
The default is… subdued VIX all the way into mid September.
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Looking ahead by 6pm EDT