Tuesday, 16 May 2023

Still broadly stuck

US equity indexes closed on a weak note, SPX -26pts (0.6%) at 4109. Nasdaq comp' -0.2%. Dow -1.0%. The Transports settled -1.4%. R2K -1.5%.

SPX - daily

VIX - daily

Summary

Equities opened on a weak note, not helped by Home Depot. Once again though, all the bears could manage was 4114, before a choppy recovery into the mid afternoon. The closing hour saw renewed downside, settling at 4109.

Volatility picked up a little, the VIX settling +5.1% to 17.99 

Broadly though, the market is stuck. Bullish >4170, and bearish <4048.
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Summer is nearing

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Goodnight from London
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