US equity indexes closed broadly weak, SPX -34pts (0.8%) at 4458. Nasdaq comp’ -0.9%. Dow -0.8%. The Transports settled -0.5%. R2K -1.0%.
sp’60min
Summary
closing hour action: not so pretty, leaning increasingly weak to break a new intraday low, as s/t momentum ticked lower. Next support is minor orange gap of 4451/41.
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… and that concludes the week. It was a fifth consecutive net daily decline, but price action is still very choppy. Yes, there are a truck load of ‘issues’ (when aren’t there?), and all things considered, the market is holding up well.
As noted elsewhere, I’ve no concerns unless the SPX loses the most recent higher low of 4367.
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notable stock: AA
Alcoa printed psy’ $50 today, the highest since June 2018. Next target is the Apr’2018 hist’ high of $62.35.
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notable bond ETF: TLT
Bonds cooling back… with higher yields. The $150s continue to broadly hold, and yields should climb into 2022. So long as its ‘slow and steady’, the market will tolerate it.
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notable fin: BAC
Arguably mostly just cooling with the main market. Still m/t bullish, above the monthly 10MA $37s. I hold.
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Have a good evening
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more later on the VIX and Indexes by 6pm EST