US equity indexes closed moderately higher, SPX +31pts (0.5%) at 5770. Nasdaq comp’ +0.7%. Dow +0.5%. The Transports settled +0.8%. R2K +0.4%
sp’daily5
nasdaq comp’
r2k – via proxy IWM
transports
Summary
SPX: a new cycle low of 5666, but swinging rather powerfully upward to 5783, and settling +0.5% to 5770. A fourth consecutive floor from around the 200dma. S/t bullish, upside resistance 5960s.
NAS: a new cycle low of 17768, but settling +0.7% to 18196. S/t bullish, upside resistance 19000/200s.
R2K: a new cycle low of 201.73, but swinging upward to settle +0.4% to 206.04. RSI 29s, oversold, s/t bullish… 217/218
Trans: settling +0.8% to 15610. Today’s candle is bullish engulfing, and leans s/t bullish, if not necessarily the Monday open. Big upside target… 16100/200s
–
VIX’daily
Volatility was mixed, the VIX printing 26.56, if cooling back to settle -6.0% to 23.37. Daily momentum ticked back lower, and remains on the high side. I’d look for volatility to cool back all the way into the FOMC of March 19th, which will arguably sync with SPX 5960s.
VIX weekly
Volatility climbed for a third consecutive week, net higher by +19.0%. Weekly momentum accelerated upward, and is on the high side.
The weekly close above the key 20 threshold is significant. However, with four consecutive daily tests of the 200dma, I lean s/t bullish equities, and by default… s/t bearish VIX
–
a little more… by 6pm EST