Tuesday 14 April 2020

Pushing toward the 2900s

US equity indexes closed powerfully higher, sp +84pts (3.1%) at 2846. Nasdaq comp' +3.9%. Dow +2.4%. The Transports settled +1.7%. Near term outlook offers massive resistance of the 2900s.




US equities opened very significantly higher, as Q1 earnings season began. The afternoon saw a further push upward to break a new cycle high of 2851 in the closing hour.

Volatility was in cooling mode, the VIX settling -8.3% at 37.76. S/t outlook offers further upside into the 2900s, where there are multiple aspects of massive resistance.

Your views...

A very pleasing majority are against the notion of bailing out the airlines. That leaves just 28.4% of my followers being possible communists.

A clear majority support the notion of 'free money' for the US populace. For the record, I support this, but only due to the lockdown, which itself I don't agree with.

As ever, the last poll is a rather flippant one. For most of the working poor, the stimulus checks will be spent on food and other essentials. As things are, I do expect the US Govt' to agree at least one further check, not least when they realise just how slow the recovery from the lockdown will be.

A fine, if chilly day, in the London metropolis
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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