Tuesday 24 November 2020

Dow 30K

US equity indexes closed very significantly higher, SPX +57pts (1.6%) at 3635. Nasdaq comp' +1.3%. Dow +1.5%. The Transports settled +2.3%. 

sp'daily5

 


VIX'daily3

 


Summary

It was a bullish day in equity land, with the mighty Dow finally breaking above giant psy'30k. 

Some perspective: Dow, 40yr (linear scale)

 


From a March low of 18213 to >30k, but that is after the fed cut rates to zero, and printed $3trn out of nothing. Monthly momentum has just turned positive, and is accelerating to the upside. There is little reason not to expect further upside into early 2021.

Volatility was naturally subdued, the VIX settling -4.5% to 21.64.

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Skirting the rooftops


Extra charts in AH (usually around 5pm EST) @ https://twitter.com/Trading_Sunset

Goodnight from London
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