US equity indexes closed very significantly higher, SPX +103pts (2.5%) at 4287. Nasdaq comp’ +3.1%. Dow +1.8%. The Transports settled +2.6%. R2K +1.8%.
sp’daily5
nasdaq comp’
r2k
transports
Summary
SPX: opening gains… but they were shaky, with cooling to 4188. There was a secondary wave higher, spiraling upward into the mid afternoon to 4308, and settling +2.5% to 4287. Momentum ticked upward, as 4162 appears a provisionally secure s/t low. Soft upside target 4380/90s. I’d note the 200dma at 4493.
NAS: settling +3.1% to 12871. Soft target is the 50dma in the 13500s.
R2K: printing 184.71, but settling +1.8% to 190.40. Bullish engulfing candle leans s/t bullish into next week. M/t bearish 166s.
Trans: a second day higher, settling +2.6% to 15323. Today’s close is just under the 50 and 200dma. I expect another push upward. Still m/t bearish, not least as sustainably high fuel prices will hurt.
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VIX’daily
Volatility was mixed, the VIX printing 32.00, but cooling back to settle -5.1% to 29.99. Today’s candle is a reversal, and leans s/t bullish, if only part of Friday. Momentum ticked lower, is on the high side, as we could expect things to calm into early May.
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Looking ahead by 6pm EST