US equity indexes closed broadly higher, SPX +50pts (1.1%) at 4511. Nasdaq comp’ +1.9%. Dow +0.7%. The Transports settled +0.9%. R2K +0.9%.
sp’60min
Summary
closing hour action: choppy, breaking a new cycle high of 4522, if cooling back in the final minutes. S/t momentum settled negative, as we have a very clear divergence, especially seen in the RSI.
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… and that concludes Tuesday, which was clearly one for the bulls. Many individual stocks and indexes are pushing to break/hold above the key Feb’ highs.
We’ve seven trading days left of the month. Bulls should be content with a close >4500, whilst bears should be seeking <4400. Anything between there… is an indecisive mess.
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notable hysteria: GME
The S/t hysteria has returned to GME, and sister Wallstreetbets stock AMC. Those chasing this higher are out of their minds.
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notable Dow component: NKE
Earnings (Monday AH): 87cents vs 72est. Rev’ y/y +4.8% to $10.9bn vs 10.6est. Gross margins +1.0% to 46.6%. Broadly very good. Today’s black candle from the 50dma is distinctly s/t bearish.
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notable stock: CLF
I see Goldman did actually upgrade Cleveland today… 27>31
Cyclically very high, and even the bold will be… cautious.
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notable Chinese stock: BABA
Very powerful gains… on buy back news. Still m/t horror.
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notable bond ETF: TLT
Bonds remain m/t horror, as yields are picking up on the mainstream realisation that rate hike’2 (May 4th) will likely be 50bps.
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Looking across to Harrow on the Hill… it was almost a little warm… 68f. Wherever you are… have a good evening!
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more later on the VIX and Indexes by 6pm EST