US equity indexes closed on a weak note, SPX -16pts (0.4%) at 4092. Nasdaq comp’ -0.8%. Dow -0.1%. The Transports settled -1.0%. R2K -0.7%.
sp’60min
Summary
closing hour action: choppy, if leaning lower to break a new intraday low of 4086. S/t momentum ticked lower, settling marginally negative.
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… and that concludes Wednesday. The bulls can tout a new multi-week high of 4134, but the bears did manage to restrain the bounces, for what was a reversal day.
The s/t cyclical setup favours the bears.
The daily SPX and VIX cycles are still (if slowly!) swinging back toward the bears.
Thursday is typically ‘prime for the bears’, although VIX daily momentum isn’t going to turn positive until at least Friday. I will hold short into early Friday… unless SPX 4030s on Thursday.
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notable bond yield proxy: TNX
The US 10yr yield cooling back on the CPI.
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notable banking ETF: KRE
A very difficult day for the regional banks.
They’re all trouble, aren’t they?
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notable payment processor: SQ
A very difficult day for Block… but the service remains great.
Yesterday’s black candle played out.
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notable fin: BX
Leaning weak. M/t bearish to the Feb’2020 $57s. I’d accept that might seem bold.
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Here, a day of April showers… and distinctly chilly.
Have a good evening
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more later on the VIX and Indexes by 6pm EST