US equity indexes closed broadly lower, SPX -32pts (0.8%) at 3757. Nasdaq comp’ -1.4%. Dow -0.4%. The Transports settled -2.3%. R2K -2.2%.
sp’60min
Summary
closing hour action: a mini ramp to 3789, but unraveling in the final minutes. S/t momentum still ticked upward, and will be prone to turning positive before the weekend.
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… and that concludes Thursday. It was a day for the bears, not least with the SPX printing a new cycle low of 3749. The s/t setup is messy, as whilst we’re s/t cyclically low, a more natural place to floor will be another 1% lower from red gap of 3715/3674.
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notable bond yield proxy: TNX
A new cycle high of 3.72%.
A push into the 4s appears highly probable within October.
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notable bond yield ETF: TLT
A new cycle low. Trap door from the 103s > 82s, as bonds are NOT a safe haven to equities.
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notable bank: BAC
Mostly just weak with the sector/main market.
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notable fin: COF
Capital One breaks a new cycle low of the $95s. S/t prone to bouncing with the main market. More broadly, next support is around $80. I have to expect consumer debt defaults to be a key theme into 2023.
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Homeward bound… as summer 2022 has ended.
Have a good evening
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more later on the VIX and Indexes by 6pm EST