US equity indexes mostly closed on a positive note, sp +17pts (0.5%) at 3401. Nasdaq comp’ +1.2%. Dow u/c. The Transports settled +0.8%.
sp’daily5
nasdaq comp’
transports
Summary
SPX: seeing an early high of 3419, and seeing some late day cooling to 3389, and settling +17pts (0.5%) to 3402. Today’s candle is black, and leans s/t bearish, at least for part of Wednesday. The bears could argue that multi-day price structure is a big bear flag.
NAS: settled +133pts (1.2%) to 11190. Today’s candle is a very subtle black doji candle, and leans s/t bearish, at least for part of Wednesday.
Trans: settling +95pts (0.8%) to 11476, which is notably above the mid Jan’ high. Next resistance is the 2018 historic high of 11623.
*Special note: unlike last Friday, when we also saw black candles in the SPX and Nasdaq, and I dismissed them – due to the s/t cyclical setup, the current setup does favour the equity bears.
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VIX’daily3
Volatility was itself subdued, the VIX settling -1.0% at 25.59. Daily momentum has turned fractionally negative. A spike to the 29/30 zone wouldn’t be a surprise late Wed/early Thursday.
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Looking ahead by 6pm EST