US equity indexes mostly closed on a weak note, SPX -18pts (0.4%) at 4259. Nasdaq comp' -0.9%. Dow -0.3%. The Transports settled +1.2%. R2K -0.2%.
SPX - daily
VIX - daily
Summary
US equities opened broadly lower, with the market reminded that Mr Inflation is increasingly hot.
Headline y/y inflation: 7.9% vs 7.5% prior.
Ex food/energy y/y: 6.4% vs 6.0% prior.
Clearly, the April prints will jump to at/above 9% and 7% respectively.
Whilst the market was weak, there was no panic... as the equity bears are arguably just s/t tired. There was an afternoon recovery, although most indexes still settled on the weaker side.
Volatility was reflective of this tiredness, the VIX settling -6.8% to 30.23. The s/t setup favours the bulls into next Wednesday's FOMC.
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| Bullish Gold |
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| Spring is near |
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| Full moon will be March 18th |
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Extra charts in AH (usually around 5pm EST) @
https://twitter.com/Trading_Sunset
Goodnight
from London
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