US equity indexes closed significantly lower, SPX -55pts (1.3%) at 4166. Nasdaq comp’ -0.9%. Dow -1.6%. The Transports settled -1.3%.
sp’60min
Summary
closing hour action: further moderate chop, leaning upward… but unraveling in the final minutes to break a new intraday low, as yellow gap was finally tagged. The market remains s/t oversold – the most since May 19th, as the setup favours the bulls.
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… and that concludes the week. Whilst it was a fourth consecutive day for the bears, that is from Tuesday’s new historic high of 4257. Next week will be important… but then… isn’t every week?
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notable bond ETF: TLT
Bonds ending the week strong… as yields continue to fall. Multi-month price structure is still a bear flag, and it seems incredulous that yields won’t soon resume broadly climbing.
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notable fin: BAC
US banks continuing to be pressured lower by the main market, but more so… lower yields. Cyclically extremely low. I hold… m/t bullish to psy’ $50.
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notable stock: X
US Steel actually raised guidance this morning, and its a reminder that the outlook can still be seen as positive.
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notable stock: EA
A fourth day lower… mostly just due to main market pressure. I like this one for the m/t.
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notable stock: CRSR
Monday morning’s hysteria (note the hyper spike in volume)- via Wallstreetbets, has fully faded. I’d guess it will probably return, sooner… rather than later. Fine company/products, but I’m fine to leave this one alone.
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Here, it was another day of grey rainy horror, and it was an excuse to remain inside. Have a good evening!
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more later on the VIX and Indexes by 6pm EST