US equity indexes closed significantly higher, SPX +105pts (2.4%) at 4431. Nasdaq comp’ +3.1%. Dow +1.7%. The Transports settled +1.6%. R2K +1.9%.
sp’60min
Summary
closing hour action: a little chop, but leaning distinctly upward, as s/t momentum ticked upward, settling on the moderately high side. Multi-day price structure still offers a bear flag.
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… and that concludes the week. Suffice to add… whilst the SPX managed a moderate net weekly gain… it still made for a lower high and lower low.
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notable stock: TSLA
Whilst the bulls can argue a spike from around the 200dma, the monthly candle is horrific, and bodes for (at least) a lower low in Feb’.
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notable bond ETF: TLT
Bonds seeing moderate chop, leaning upward. Zero reason to be long bonds unless you don’t believe the fed will raise rates.
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notable fin: BAC
Banks seeing moderate chop. Only problematic if <200dma $42s.
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Sunset was some five hours ago. Wherever you are… have a good evening!
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more later on the VIX and Indexes by 6pm EST