US equity indexes closed very mixed, SPX -18pts (0.5%) at 3810. Nasdaq comp’ +0.6%. Dow -1.5%. The Transports settled -0.3%. R2K -0.1%.
sp’daily5
nasdaq comp’
R2K – via proxy IWM
transports
Summary
SPX: a day of considerable chop, seeing an early washout to 3789, battling to 3861, but settling -18pts (0.5%) to 3811. Today’s close is above the 50dma. Momentum hasn’t been this negative since early November, but does not show any sign of a clear floor/turn.
NAS: settling +72pts (0.6%) to 13192. Today’s candle is black, and under the 50dma, and leans s/t bearish… if only for early Monday.
IWM: settling -0.1% to 218.30. Today’s close offers no clear floor/turn. The Russell is still holding the 50dma, which has held since early Nov’2020.
Trans: settling -40pts (0.3%) to 13331, but that was still another close above first support of the 10MA.
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VIX’daily3
VIX weekly
With a new cycle low of sp’3789, the VIX printed 30.82, but cooled back to settle -3.2% to 27.95. Today’s candle is spiky from around psy’30. Momentum continues to build, and is now on the high side.
For the week, the VIX gained +26.8%. Momentum has turned positive. First resistance is the upper bollinger in the 33s.
Based on a great many things (not least individual stocks such as MU, AAPL, DIS), I don’t see volatility hyper spiking in the near term. For now… equities remain comfortably m/t bullish, and cooling from sp’3950>3789 is just to be seen as such.
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a special post to wrap up the month… by 6pm EST