US equity indexes closed broadly weak, SPX -32pts (0.8%) at 4327. Nasdaq comp’ -0.8%. Dow -0.9%. The Transports settled -1.4%.
sp’60min
Summary
closing hour action: leaning weak to print a new intraday low, as red gap almost fully filled. S/t momentum ticked lower, offering no sign of a floor/turn.
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… and that concludes the week. It was a mixed week, as whilst we settled net lower, that was from a new hist’ high. The s/t setup leans to the bears, as the sp’4250/40s appear probable by next Wed/Thurs’.
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notable stock: AAPL
A second day lower, as psy’ $150.00 marks a s/t high. Momentum prone to turning negative on Tuesday.
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notable stock: X
Outright ugly end to the week for US Steel, as the computer’s PF target of the $16s isn’t looking as crazy.
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notable stock: FCX
Freeport isn’t far from the 200dma. The performance is worse when you consider copper prices have been only a little weak.
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A fine summer’s day. Have a good evening!
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more later on the VIX and Indexes by 6pm EST