US equity indexes closed very significantly higher, SPX +90pts (2.4%) at 3764. Nasdaq comp' +2.5%. Dow +2.1%. The Transports settled +1.5%. R2K +1.8%.
sp'daily5
nasdaq comp'
r2k
transports
Summary
SPX: Opening significantly higher, pushing to 3379, settling +89pts (2.4%) to 3764. S/t price structure leans to the bulls. Green gap looks just about viable... before resuming lower. A tag of red gap would be a minimum downside target in the next down wave.
NAS: a second day higher, settling +2.5% to 11069. Bearish to around psy'10k. There are even a few within the mainstream that have been touting 9k.
R2K: settling +1.8% to 168.13. Having recently exceeded primary target of the 166s, next target is around 150, which will arguably sync with sp'3500/400s.
Trans: settling +1.5% to 13061. Primary target remains around 12000.
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VIX'daily
With positive equities, volatility was ground lower, the VIX settling -3.0% to 30.19. Broadly though... we're still dealing with a very elevated VIX, reflective of an equity market that is prone to regular 2-3% swings. A spike into the 40s, if not the 50s looks realistic with equity capitulation in July.
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Looking ahead by 6pm EST
