A very volatile, negative week with the S&P 500 giving back roughly half of the surge off the Nov low. The close on the lows of a bearish weekly candlestick (dark cloud cover) suggests potential for additional pressure early next week. Two NRBs on the NAZ look like a consolidation or pause ahead of further weakness (bearish engulfing on the weekly). Overbought/Oversold bias is more or less neutral, but moving quickly lower.
Sentiment - Broad market volatility moved higher this week with the VIX up 8.5% from last Friday's close, now at 22.6 and tech volatility increased with the VXN (Nasdaq Volatility Index) higher by 6.3% on the week at 25.3. There were big swings in the equities markets this week following the FOMC rate cut and the Fed's decision to partner with banks to improve liquidity. With the mkt unable to hold on to the gains following Wednesday's concerted effort to provide liquidity, uncertainty remains evident. The SPX lost 1.7% this week, the Dow is -1.5% and the Nasdaq is -1.9% on the week.
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