Transports confirms the Dow

US equity indexes closed moderately mixed, sp -1pt @ 2296 (intra high 2300). The two leaders - Trans/R2K, settled +0.5% and -0.5% respectively. VIX settled -1.7% @ 10.63. Near term outlook offers continued broad upside of another 1-2% by mid Feb'.


sp'daily5

VIX'daily3

Summary

Suffice to add, today saw another set of new historic highs, with Dow 20100s, and the sp'2300s.

VIX is naturally still very subdued, and if the market can climb into the weekly close... there is serious threat of the VIX being whacked into the 9s... last seen in Feb'2007.


Transports confirms the Dow

The 'old leader' - Transports, broke the Dec'2016 high of 9490, and thus confirming the recent new highs in the Dow/sp/nasdaq.

Trans, monthly'2

We've a seventh consecutive green 'elder impulse' candle, the most bullish situation since early 2013, back during the days of QE3. The tranny looks headed for 10k, whether that is by early spring.. or early summer, really makes little difference.

Goodnight from London

20,000 and beyond

US equity indexes closed broadly higher, sp +18pts @ 2298. The two leaders - Trans/R2K, settled higher by 1.4% and 1.0% respectively. VIX settled -2.3% @ 10.81. Near term outlook offers further upside into the weekend, and probably into the second week of February... to the sp'2320/30s.


sp'daily5

VIX'daily3

Summary

Today was day'2 UP, of what most should now recognise is a new up wave. The 'consolidation in time' phase is complete, and we're already well into new historic territory.

Naturally, the VIX remains subdued. Its almost a little surprising that Dow 20k wasn't enough to see the VIX cool (if briefly) to single digits. We've not seen VIX 9s since Feb'2007.
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Dow 20,000 is only 1pt above 19999, but it IS important.

I see some - such as Armstrong, regularly talk about Dow 23k. I can't disagree with that. Ironically, I'm more interested in some kind of hyper blow-off top to 25/26k.

Dow'monthly3 - fib' extrapolations

Yours truly - like many of you, is battling away in what remains a very twisted market. For now.. only a maniac would try shorting this.

Goodnight from London

The next big push

US equity indexes closed broadly higher, sp +14pts @ 2280. The two leaders - Trans/R2K, both settled higher by a rather significant 1.6%. VIX settled -5.9% @ 11.07. Near term outlook is bullish to Dow 20K and the sp'2300s. Broadly, the market looks strong into mid February.


sp'daily5

VIX'daily3

Summary

Equity price action is highly suggestive that we're now in the early phase of another big push higher.

The technical setup for ALL the main equity indexes is offering straight up upside into early February. Its notable that the upper bollinger on the weekly cycle will soon be offering the sp'2320s.

Naturally, with equities broadly strong, the VIX remains very subdued. The 10s look due. A valid question is whether Dow 20k - and the sp'2300s, will be enough to see single digit VIX... last seen in Feb'2007... a long... long time ago.

Goodnight from a bullish London