US equity indexes closed significantly higher, SPX +53pts (1.2%) at 4426. Nasdaq comp’ +1.1%. Dow +1.3%. The Transports settled +1.6%. R2K +0.9%
sp’60min
Summary
closing hour action: micro chop, leaning a touch weak. S/t momentum ticked lower, settling on the moderately high side.
*awaiting earnings from ADBE
–
… and that concludes a Thursday. With yet another new multi-month high, it was a net bullish day. The s/t cyclical setup favours the bears, at best… an opex settlement around 4400.
–
notable bond yield proxy: TNX
Yields were sig’ lower for no good reason. With the Fed to raise rates July 26th, I have to expect the US 10yr yield to break above 4.10%, sooner or later.
–
notable processor: PYPL
Higher with the main market.
Wednesday’s black candle initially played out.
Today’s candle is bullish engulfing, and leans s/t bullish to teal gap.
–
notable banking ETF: KRE
Regional banks higher with the main market, if still stuck under the $44s.
–
notable eurotrash: DB
Today’s ECB rate hike was arguably a net positive.
More broadly, it remains a wonder this didn’t disappear before Credit Suisse. In any case, its another zombie institution…. utterly worthless.
–
Have a good evening
–
more later on the VIX and Indexes by 6pm EST