Dow strength

US equity indexes closed very mixed, sp -1pt at 2923. Dow +0.4% at 26773. The two leaders - Trans/R2K, settled -1.1% and -1.0% respectively. VIX settled +0.4% at 12.05. Near term outlook threatens early Wednesday weakness, but nothing under sp'2900.


sp'daily5

VIX'daily3

Summary

It was another day of mostly minor chop, with the sp' opening a little weak, seeing a low of 2919, and then swinging upward to 2931. There was cyclical rollover in the afternoon, with the market leaning fractionally weak. That might carry across into Wednesday, but the bears can't expect anything of significance.

Volatility remained very subdued, with the VIX churning within the 12/11s.


Dow strength - monthly'2, fibs'

The Dow broke a new historic high today of 26824. Having cleared >26702 in September, the next key Fibonacci extension/extrapolation from the 2009 low is 34430. Something to reflect upon!
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