Thursday 16 March 2023

Upside reversal

US equity indexes closed very significantly higher, SPX +68pts (1.8%) at 3960. Nasdaq comp' +2.5%. Dow +1.2%. The Transports settled +1.3%. R2K +1.4%.

SPX - daily

VIX - daily


US equities opened on a weak note, but all the bears could manage was 3864. From there, a broad recovery into the late afternoon to print 3964... a full 100pt swing! I'd note yesterday's hollow red reversal candle played out, as they usually do.

Volatility was mixed, an opening VIX high of 27.49, but ground lower to settle -12.0% to 22.99.

Friday is Quadruple Witching... so expect some chop!


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