US equity indexes closed on a weak note, sp -22pts (0.6%) at 3511. Nasdaq comp’ -0.1%. Dow -0.5%. The Transports settled -0.8%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: opening in minor chop mode, and slipping into the mid afternoon. A 2pm spike floor from 3500 to 3524, and settling -22pts (0.8%) to 3511. Momentum is STILL ticking upward.
NAS: settling -12pts (0.1%) to 11863. Little to zero sign of a s/t top.
Trans: settling -97pts (0.8%) to 11783, as yesterday’s black candle played out. Note the 50dma… as that remains a clear delineation of m/t support.
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VIX’daily3
With equities a little weak, volatility picked up, the VIX settling +4.0% to 26.07. Yesterday’s black candle failed to play out… although the SPX effectively opened flat.
VIX daily momentum is on the moderately lower side. Broadly, a clear trading range… low end 25/24s, with upper end 30/31s. Considering the uncertainty of the election, there is no reason to expect <24 in the near term, even if a few indexes break new historic highs.
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Looking ahead by 6pm EST