Tuesday 2 May 2023

Imploding financials

US equity indexes closed significantly lower, SPX -48pts (1.2%) at 4119. Nasdaq comp' -1.1%. Dow -1.1%. The Transports settled -1.2%. R2K -2.1%.

SPX - daily

VIX - daily

Summary

US equities opened fractionally lower, but the market then spiraled, as the financials imploded. The SPX printed 4089, with a latter day recovery to settle at 4119.

The VIX spiked, printing 19.81, if cooling back to settle +10.6% to 17.78. 

It appears sp'4186 is a secure s/t high. Whilst the market might initially spike on the Wed' 2pm press release from Print Central, further downside - with basic target of 4075, could be expected.
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Goodnight from London
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