Thursday, 9 August 2018

Strength within Tech

US equity indexes closed a little mixed, sp -4pts (0.1%) at 2853. The two leaders - Trans/R2K, settled -0.3% and +0.2% respectively. VIX settled +3.9% at 11.27. The s/t cyclical setup offers new historic highs >sp'2872 within 1-2 days.




It was another day of micro chop for the sp'500, if leaning a little weak into the close for a second day. Volatility remained broadly subdued, breaking a new multi-month low of 10.17. The s/t cyclical equity setup does favour the bulls into the weekend.

Bonus chart: Nasdaq comp' monthly, 20yr

The Nasdaq comp' settled higher for an eighth consecutive day, and is higher for a fifth consecutive month. The 8000s are clearly viable within the immediate term. Just consider this: 8000 is 60% above old resistance of psy'5K. I'd agree the 9000s look a stretch before year end.

Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
If you value my work, subscribe to me.
For details: