US equity indexes mostly closed on a weak note, SPX -24pts (0.6%) at 4129. Nasdaq comp’ -0.8%. Dow -0.3%. The Transports settled +0.1%. R2K -0.5%.
sp’60min
Summary
closing hour action: leaning weak to break a new intraday low of 4114, with a mini ramp in the final ten minutes. S/t momentum ticked lower, settling on the moderately low side.
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… and that concludes a red Thursday. A few swings, but unlike the prior few days, ending broadly lower. Friday-OPEX will favour a pin around 4100, with 4030/4000 next week.
… ohh, and yes, that’d ‘un-break’ the bigger H/S structure.
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notable bond yield proxy: TNX
Yields lower on a number of rather ugly pieces of econ-data.
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notable REIT: VNO
Is fair value $0.00 ? In any case… anything related to CRE is l/t horror.
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notable fin: BX
Earnings were ‘mixed’, not least after a horrific drop in y/y rev’ of around -77%. M/t bearish to the Feb’2020 $57s. The s/t bears would arguably exit with sp’4030/4000… and roll out further.
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notable card: AXP
A massive reversal candle from the 200dma. Headline earnings were fine, but the company is rightly concerned about rising consumer defaults into the summer.
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The day started sunny, but grey rainy horror rolled in from the North Sea… which is unusual…. and an excuse to stay indoors.
Have a good evening
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more later on the VIX and Indexes by 6pm EST