US equity indexes mostly closed on a positive note, SPX +8.7pts (0.2%) at 3638. Nasdaq comp’ +0.9%. Dow +0.1%. The Transports settled -0.5%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: opening on a positive note, and pushing to 3644, just 1pt shy of recent historic highs. The late morning saw some cooling to 3629, and settling +8.7pts (0.2%) to 3638. Today’s close is fractionally below the open, making today’s candle a very subtle black doji, which leans s/t bearish for Monday. Upper bollinger is at 3737, but that looks a stretch until at least mid December.
NAS: a fourth consecutive net daily gain, breaking a new hist’ high of 12236, and settling +111pts (0.9%) to 12205. Upper bollinger is offering the 12400s next week.
Trans: a second day of cooling, settling -61pts (0.5%) to 12560. Note the 10MA at 12416. Upper bollinger will be offering new hist’ highs >13k in early December.
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VIX’daily3
VIX’ weekly
VIX cooled for a fourth consecutive day, settling -1.9% to 20.84. There was a pre-market flash print of 19.51.
The VIX cooled for the third week of four (an appropriate mirror to the SPX), declining by -12.1%. Weekly momentum continues to weaken, reflective of a very confident mainstream. There is little reason to expect anything >30 for the remainder of the year. The one wild card… the election.
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… a little more… by 3pm EST