US equity indexes closed on a positive note, SPX +22pts (0.5%) at 4566. Nasdaq comp’ +0.9%. Dow +0.2%. The Transports settled +0.7%.
sp’60min
Summary
closing hour action: micro chop, leaning a touch lower.
*awaiting earnings from the Facebook… or soon to be ‘Metaverse’
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… and that concludes Monday. With a new hist’ high, it has to be seen as a bullish day, and by default.. also the week. The market is unquestionably s/t overbought. Some cooling to the mid 4400s remains probable, but that sure doesn’t mean we can’t climb some more first.
Yours truly was never one for chasing higher, and I’m content to sit back and wait, and that certainly is the case for speculative things such as UEC and DWAC.
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notable Dow component: HD
Yet another new historic high. RSI >80… is crazy high. Would you chase this?
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notable bond ETF: TLT
A choppy day for bonds. Whilst the Gartman is touting the boat is too stacked toward the bears, I see any s/t calls for yields to cool as nonsensical. M/t bearish bonds…. bullish yields.
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notable fin: BAC
A new hist’ high, if settling a touch lower.
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The m/t setup is suggestive that 2022 might be Gold’s year. If correct, silver and the related miners will follow! Wherever you are… have a good evening
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more later on the VIX and Indexes by 6pm EST