US equity indexes closed powerfully lower, SPX -131pts (3.2%) at 3991. Nasdaq comp’ -4.3%. Dow -2.0%. The Transports settled -2.9%. R2K -4.2%.
sp’60min
Summary
closing hour action: very choppy, but leaning weak to break a new multi-year low of 3975. S/t momentum actually subtly ticked upward, as we remain s/t oversold.
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… and that concludes Monday. It was a powerfully bearish start to the week, with the US market not helped by the collective of other world equity markets.
Sporadic s/t bounces have to be expected, but its clear where we’re headed… the lower monthly bollinger… which will be in the 3500s in June.
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notable bond proxy: TNX
The US 10yr printing 3.167%, if cooling back. Any price action >3.25 would merit alarm bells, and open the door to psy’ 5.00%. That would be a ‘problem’.
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notable bond ETF: TLT
Lower bonds… as yields inexorably climb.
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notable bank stock: BAC
Banks lower with the main market. Big target is psy’ $30.
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Here… cloudy skies, an excuse to stay inside.
Have a good evening
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more later on the VIX and Indexes by 6pm EST