US equity indexes closed broadly higher, sp +23pts (0.8%) at 2772. The two leaders - Trans/R2K, both settled +0.6%. VIX settled -6.1% at 11.64. Near term outlook offers zero sign of a turn, but a retrace to sp'2718 remains a basic technical necessity.
US equities opened moderately higher, but saw a little weakness, turning fractionally weak. A secondary up wave took the sp'500 to 2772 into the close, which is notably 100pts shy of the Jan' historic high. The R2K and Nasdaq comp' broke new historic highs, which bodes bullish for the main market across the summer.
Volatility was subdued, with the VIX settling in the mid 11s. If we do see an equity cooling wave, the VIX could be expected to see a brief spike to the 14/15s.
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