US equity indexes mostly closed on a weak note, SPX -16pts (0.4%) at 3647. Nasdaq comp' +0.5%. Dow -0.6%. The Transports settled -2.3%.
sp'daily5
nasdaq comp'
transports
Summary
US equities began the week on a positive note, with the SPX pushing to 3697... not far from last week's historic high. The late morning saw the market begin to cool back, with moderate cooling across the afternoon.
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SPX: seeing a high of 3697, but settling -16pts (0.4%) to 3647. Today's candle is spiky on the upper side, and indicative of s/t bullish exhaustion, and leans s/t bearish, if only early Tuesday. Momentum ticked lower for a sixth consecutive day, and is now on the moderately lower side.
NAS: a high of 12543, but settling +62pts (0.5%) to 12440. Today's candle is black, and leans s/t bearish.. at least for part of (probably early) Tuesday.
Trans: an early high of 12828, but settling -290pts (2.3%) to 12382. Today's candle is of the bearish engulfing type, and leans distinctly s/t bearish, and I'd note the 50dma around 12k.
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VIX'daily3
Volatility climbed for a fourth consecutive day, the VIX settling +6.0% to 24.72. Today's settlement is just above the upper bollinger, as the VIX is s/t over-stretched.
Tuesday will offer a turnaround, as price action will typically favour the equity bulls ahead of the FOMC announcement - due Wed' 2pm. From there, I'd look for some degree of post fed cooling, but with OPEX this Friday, equity bears can't expect much.
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Meanwhile...
It was a rough day online, with a fair number of sites and services such as Google, Youtube, Blogger, and Gmail dropping offline. Yours truly was similarly affected for much of the day, and whether its the Russians, Chinese, or some kid in a basement in Delaware, I curse them!
A case of the Mondays... indeed. Tuesday can only be easier, yes?
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Extra charts in AH (usually around 5pm EST) @
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Goodnight
from London
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