Wednesday 20 September 2023

Post Powell Depression

US equity indexes mostly closed broadly lower, SPX -41pts (0.9%) at 4402. Nasdaq comp' -1.5%. Dow -0.2%. The Transports settled u/c. R2K -1.0%

SPX - daily

VIX - daily

Summary

US equities opened a little higher, with the SPX pushing to 4461.

The 2pm Fed press release saw an initial drop to 4433, with the Powell duly appearing...


There were a few rally attempts, but all failed, ending on a broadly weak note at 4402. Today's daily candle was bearish engulfing, and doesn't bode so great for Thursday.

Volatility was mixed, the VIX printing 13.57, but swinging upward to settle +7.3% to 15.14.


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

Goodnight from London
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