US equity indexes closed rather mixed, SPX +5pts (0.1%) at 4405. Nasdaq comp’ +0.1%. Dow -0.2%. The Transports settled -1.2%.
sp’60min
Summary
closing hour action: an attempt to clear first resistance of the hourly 10MA, and distinctly failing. S/t momentum will be prone to turning positive on Friday, but overall… we have to expect considerable chop into the weekend.
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… and that concludes Thursday. A new s/t cycle low of 4367, but that is very likely the low of this multi-day cooling wave from Monday’s historic high of 4480. It remains amusing how retraces of 2-3% are still periodically scaring the hell out of many.
Sure… some sectors are a far more serious mess, not least energy and the gold/silver miners, but the broader market remains m/t super strong. Microsoft’s reversal to a new historic high is absolutely reflective of that.
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notable stock: TSLA
A reminder that the AI event is due 8pm EST… but it might just be a bore-fest. I’ll probably post a YouTube live streaming link if I find one later.
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notable stock: AA
Alcoa reflective of the commodity complex. S/t battered, but still m/t bullish.
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notable stock: M
Macy’s soaring on better than expected earnings. I’d note today’s insanely high volume. The planned buyback is incredulous, for a company that should be more focused on long term survival.
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Here… an evening storm made for an excuse to stay inside.
Have a good evening
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more later on the VIX and Indexes by 6pm EST