US equity indexes closed broadly higher, SPX +58pts (1.4%) at 4224. Nasdaq comp’ +0.8%. Dow +1.8%. The Transports settled +1.9%.
sp’60min
Summary
closing hour action: further micro chop, for what was just consolidation after significant morning gains. S/t momentum is on the high side, but a straight run to new historic highs is absolutely viable.
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… and that concludes Monday. It was a pretty bullish start to the week, a distinct rebound from last Friday’s washout. Whilst I’m open to another swing lower… the clock is ticking against the bears.
There are numerous indirect supportive bullish signals, not least the fact that the market completely didn’t care about the ongoing problems within crypto land. I have to expect new historic highs… soon.
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notable Dow component: AAPL
Apple broadly higher, and fairing better than the Nasdaq. New hist’ highs appear realistic by late July.
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notable energy: XOM
Reflective of the sector. M/t bullish, although I still favour OXY, SLB.
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notable bond ETF: TLT
Bonds significantly cooling back from last week’s bizarre net weekly gains. M/t bearish bonds… m/t bullish yields!
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Here it was yet another (day’7?) of mostly grey horror. Maybe I’ll never leave the apartment ever again? Have a good evening
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more later on the VIX and Indexes by 6pm EST