US equity indexes closed significantly lower, SPX -55pts (1.2%) at 4456. Nasdaq comp’ -1.3%. Dow -1.3%. The Transports settled -1.8%. R2K -1.7%.
sp’60min
Summary
closing hour action: choppy, but leaning weak to break a new intraday low (orange gap filled), as s/t momentum weakened a little further, settling on the very low side.
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… and that concludes Wednesday. Whilst it was a day for the bears, price action is more chop than anything. We’re very much in the ‘battling it out at key resistance’ phase.
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notable hysteria: GME
The lunatics of Wallstreetbets had a good day, but broadly… GME and AMC are m/t horror. I don’t like either company, there are just hundreds of far better things out there.
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notable bond ETF: TLT
Bonds rebounding, but that is from a new cycle low. Anyone buying bonds is out of their minds!
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notable bank: BAC
Lower with the main market, as lower yields didn’t help.
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notable Dow component: BA
Descending with the main market… unlike the following Boeing plane…
A heavy transporter (probably a C17 Globemaster III), taking off from RAF Northolt (in the North West of London). Have a good evening!
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more later on the VIX and Indexes by 6pm EST