Powell induced swing

US equity indexes closed on a significantly weak note, sp -35pts (1.3%) at 2744. The two leaders - Trans/R2K, settled -2.3% and -1.5% respectively. VIX settled +17.7% at 18.59. Near term outlook offers renewed upside to the 2800s in March. More broadly, big target remains the 2950/3047 zone.


sp'daily5

VIX'daily3

Summary

US equities opened fractionally mixed, but then clawed upward to a morning peak of 2789, notably just 11pts shy of the 2800s. As Powell was questioned by the US house, the algo-bots used some of the comments on inflation and rate hikes, to knock the market lower, settling the day at 2744.

With equities leaning a little weak, the VIX picked up, battling back into the 18s.
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Bonus chart: Russia, monthly

I recognise most will not see the relevance, but the Russian equity market has swung from an intra month low of 1177, and is currently net higher by 2.5% at 1313. Big target is psy' 1500, and that is clearly some months away. Indirect bullish implications for other world markets, and that includes the USA.
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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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