Nearing big resistance

US equity indexes closed broadly higher, sp +25pts (1.0%) at 2697. The two leaders - Trans/R2K, both settled higher by 0.6%. VIX settled -8.8% at 13.42. Near term outlook is uncertain, as the sp'2700/15 zone will offer powerful resistance, but an eventual bullish breakout looks due, regardless of any cooling wave.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, saw a touch of cooling in late morning to 2674, but then swung back upward, and built sig' gains. The sp' became stuck at what is a key gap of 2701/08. Whether we see a rollover from within 2700/2715, before a bullish breakout, is difficult to say. What does seem clear, a bullish breakout IS due, and one that will offer original big target of 2950/3047.

Volatility was naturally subdued, with the VIX melting lower for a fifth consecutive day, settling in the mid 13s.
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