The style of price action

US equity indexes closed broadly lower, SPX -31pts (0.7%) at 4274. Nasdaq comp' -1.2%. Dow -0.5%. The Transports settled -1.9%. R2K -1.7%.

SPX - daily

 

VIX - daily

Summary

US equities opened broadly lower, with the SPX cooling to 4253. There was a recovery into the mid afternoon to 4302... effectively filling the opening gap. The market saw renewed weakness into the close, with the two leaders - Trans and R2K, leading the way lower.

Today's style of price action was distinctly different, as the market has a provisional s/t top of sp'4325. Whether that is also a key m/t top... will take some days, if not weeks to ascertain. 

Volatility picked up, if only a little, the VIX settling +1.1% to 19.90.

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

Goodnight from London
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For details: https://www.tradingsunset.com

Testing major resistance

US equity indexes closed somewhat mixed, SPX +8pts (0.2%) at 4305. Nasdaq comp' -0.2%. Dow +0.7%. The Transports settled +0.7%. R2K -0.04%.

SPX - daily

VIX - daily

Summary

US equities opened in minor chop mode, but the SPX resumed upward to print 4325... just 1pt shy of the daily 200MA... but hitting the monthly 10MA.

Meanwhile...

Biden signs off on the Inflation Reduction Act.

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There was a little cooling from the 200dma, but nothing of any significance. Certainly nothing to give us any clear sign of a s/t ceiling/turn.

Volatility remained subdued, the VIX settling -1.3% to 19.69.
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–
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/Trading_Sunset

Goodnight from London
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Weak Bears

US equity indexes mostly closed a little higher, SPX +16pts (0.4%) at 4297. Nasdaq comp' +0.6%. Dow +0.4%. The Transports settled -0.3%. R2K +0.3%.

SPX - daily

VIX - daily

Summary

US equities opened on a moderately weak note, but all the bears could manage was sp'4256, before recovering upward to print a new cycle high of 4301. 

Meanwhile...

 

Burry continues to digitally clean his Twitter feed... sometimes mere hours after posting.
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Volatility remained subdued, the VIX settling +2.1% to 19.95.
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–
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/Trading_Sunset

Goodnight from London
--

 

If you value my work on Blogger, Twitter, and would like more of the same, then subscribe to my intraday service! For details and the latest offers, see: https://www.tradingsunset.com