A month for the bulls

US equity indexes closed broadly weak, sp -4pts at 2384. The two leaders - Trans/R2K, settled lower by -1.0% and -1.2% respectively. VIX settled +4.4% at 10.82. Near term outlook offers renewed upside into the sp'2400s, as corp' earnings and econ-data continue to come in 'reasonable'.


sp'daily5

VIX'daily3

Summary

It was a day of moderate chop for US equities, leaning on the weaker side. Its notable that the Nasdaq comp' managed yet another new historic high. The two leaders did close sig' lower, but they do tend to move twice the amount that the headline indexes do.

Market volatility floored in the low 10s in the morning, and increased into the afternoon. A brief foray to VIX 12 seems probable next Monday.. if sp'2374. The low teens look out of range until next Thurs/Friday.
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Net monthly gains - sp'monthly3c

The sp'500 settled net higher by 21pts (0.9%) to 2384. Most notable this month, new historic highs for the Nasdaq comp' and R2K. The sp' settled 5.8% above the key 10MA. At next Monday's May 1st open, that will jump into the 2270s, and will be around the 2300 threshold in June.
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Here in the metropolis of cranes...

This market is no fun ride for those still bearish.

Goodnight from London
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*the weekend post will appear Sat' 12pm EST, and will detail the World monthly indexes.... and it remains my most important post each month.

Super strong Nasdaq

US equity indexes closed moderately mixed, sp +1pt at 2388. The two leaders - Trans/R2K, settled +0.3% and -0.2% respectively. VIX settled -4.5% at 10.36. Near term outlook offers choppy upside into the weekend/monthly close. Broadly, a push to 2425/50 zone looks a given by mid June.


sp'daily5

VIX'daily3

Summary

It was a day of moderate chop in equity land, although its notable that the Nasdaq comp' broke yet another new historic high of 6050.

Volatility remains broadly subdued, with the VIX stuck in the sub-teens. The upper end of the gap zone of 12-14.50 looks out of range until at least late next week... just ahead of round'2 of the French election.
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Onward to the 7000s

I read around a lot less these days, as I'm generally tired of the same old nonsense from the usual people. Anyone touting anything overly bearish, needs to go stare at the following for a few hours...

Nasdaq comp', monthly2

This remains a powerfully bullish market.

Goodnight from London
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April soon to wrap

US equity indexes closed moderately mixed, sp -1pt at 2387. The two leaders - Trans/R2K, settled -0.9% and +0.6% respectively. VIX settled +0.8% at 10.85. Near term outlook offers continued upward grind, as the equity bears are being systematically short-stopped with new historic highs.


sp'daily5

VIX'daily3

Summary

It was a pretty choppy day, arguably as the market was mostly just consolidating the past two days of gains. It was notable that the Nasdaq comp' (6040) and the R2K (1425) both broke new historic highs.

Volatility remains extremely subdued, as the US equity market is set to end the month on a positive note. The key VIX 20 threshold looks out of range until at least Sept. 
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April set to wrap

sp'monthly1b

With two trading days left of the month, all US equity indexes are set for at least moderate net monthly gains.

Most notable, the 10MA - currently at 2246. At next Monday's open it will be in the 2270s, and as of June 1st... around the 2300 threshold.

Equity bears have NOTHING to tout unless a break AND monthly settlement under the 10MA. I recognise some of you like the 13MA.. or something similar. In the scheme of things, it makes little difference. For now, the mid term bullish trend remains comfortably intact.

As ever, for some extra charts in AH, see: https://twitter.com/permabear_uk

Goodnight from London
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