Wednesday 3 April 2019

Pushing for the 2900s

US equity indexes closed on a positive note, sp +6pts (0.2%) at 2873.  Nasdaq comp' +0.6%. The two leaders - Trans/R2K, settled +0.2% and +0.5% respectively. Near term outlook favours the equity bears, if only for a day or two.

sp'daily5



VIX'daily3



Summary

It was another day for the equity bulls, as the SPX continued its push toward the 2900s. Volatility was subdued, with the VIX churning within the 13/14s. The s/t cyclical setup favours the bears for Thursday, and that might stretch into early Friday. The sp'2830s - with VIX 15/16s, aren't a stretch.


Notable stock: LYFT


Today's candle settled black, and leans s/t bearish. Options will begin trading in Lyft on Thursday. A tag (not necessarily a full fill) of the gap zone looks probable, before breaking new lows. Psy'50 appears a given. Today saw a second analyst - Zepherin, who are seeking the $97s, counter to Seaport Global's $42s.


I'll end with this...




 Whatever you might think of the infamous Cramer, some of his comments are pretty amusing. No doubt, he faces a truck load of fierce criticism on Twitter, but he does seem to enjoy at least some of it.
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Goodnight from London
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