Thursday 2 December 2021

Not a decisive floor

US equity indexes mostly closed very significantly higher, SPX +64pts (1.4%) at 4577. Nasdaq comp' +0.8%. Dow +1.8%. The Transports settled +2.9%. R2K +2.8%.

SPX - daily5

VIX - daily3

Summary

US equities opened choppy, with the SPX printing a new cycle low of 4504, but from there... a rather powerful upside reversal to 4592, and settling at 4577. The fact neither Powell or Fauci were 'on the loose', was a distinct help.

Volatility was ground back lower, the VIX settling -10.2% to 27.95. Bulls need to clear Wednesday's high of 4652, until then... we do not yet have a decisive floor.

-

Winter solstice isn't far away

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

Goodnight from London
--

 

If you value my work on Blogger, Twitter, and would like more of the same, then subscribe to my intraday service! For details and the latest offers, see: https://www.tradingsunset.com