Tuesday 16 May 2017

Nasdaq still leading the way

US equity indexes closed moderately higher, sp +11pts at 2402 (new historic high 2404). The two leaders - Trans/R2K, settled higher by 0.7% and 0.8% respectively. VIX settled +0.2% at 10.42. Near term outlook offers a touch of weakness to 2393/90, before resuming upward to the 2420/30s into end month.




US equities began the week on a moderately positive note. Short term price structure does threaten a baby bull flag, which offers the sp'2410/20s.. but a swing lower to 2393/90 seems a given, before renewed upside. In the scheme of things though.. its all minor moves. The important point is that the US market is still broadly pushing upward.

Market volatility remains very low, with the VIX firmly stuck sub-teens. The key 20 threshold looks out of range until at least late September.

Nasdaq comp', monthly

A new historic high of 6153, with the 6200s just about in range before end month. The trend is bullish, right?

Goodnight from London