US equity indexes closed very significantly lower, SPX -62pts (1.5%) at 3964. Nasdaq comp’ -1.6%. Dow -1.4%. The Transports settled -2.1%. R2K -2.0%.
sp’60min
Summary
closing hour action: leaning weak to break a new intraday low of 3955. S/t momentum continued to tick lower, settling on the low side.
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… and that concludes Monday. The opening was only moderate downside, and despite a few bounce attempts… we settled on a pretty bearish note. Daily momentum is due to turn negative on Tuesday, as the market appears set to end the month on a broadly weak note.
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notable European financial garbage: CS
Today’s new low is not to be dismissed lightly, and it merits alarm bells.
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notable bond ETF: TLT
A marginal new s/t high, but we’re likely at/close to a top.
Rate hike seven is due Dec’14th… 50bps to 4.25-4.50%.
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notable bank: BAC
Soft target is the 200dma in the $35s.
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Have a good evening
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more later on the VIX and Indexes by 6pm EST