Wednesday 17 May 2023

Testing major resistance

US equity indexes closed significantly higher, SPX +48pts (1.2%) at 4158. Nasdaq comp' +1.3%. Dow +1.2%. The Transports settled +2.2%. R2K +2.3%

SPX - daily

VIX - daily

Summary

US equities opened moderately higher, but the gains were shaky from the start, the SPX swinging from 4130 to 4113. There was a secondary push upward... which accelerated in the early afternoon to 4164, an effective tag of minor green gap and a key price threshold. The late afternoon saw some cooling, but that still made for significant gains.

Volatility was ground lower, the VIX settling -6.2% to 16.87.


Extra charts in AH (usually around 5pm EST) @ https://twitter.com/Trading_Sunset

Goodnight from London
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