US equity indexes closed on a weak note, SPX -16pts (0.4%) at 4409. Nasdaq comp’ -0.7%. Dow -0.3%. The Transports settled -0.5%. R2K -0.8%
sp’60min
Summary
closing hour action: leaning weak to break a new intraday low of 4407. S/t momentum settled moderately negative.
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… and that concludes the week. With a new cycle high of 4448, it was a net bullish end to a net bullish week.
*there is increasing chatter of a break lower, if only -5% or so. The bulls could tolerate -10%, without denting multiple aspects of m/t support.
Yours truly will consider a short next Tuesday. Right now, I’d be looking at the SPY July 21st $440 PUTS. In any case… its the weekend!
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notable bond yield proxy: TNX
Yields climbing into the weekend, if still mostly s/t stuck.
Bond bears need the US 10yr >4.00%, and >4.10% to be decisive.
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notable bond ETF: TLT
Long bonds broadly choppy since last December.
The equity bulls can rightly tout ‘… would you rather a US bond?’, although it doesn’t mean both aren’t over-valued.
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notable banking ETF: KRE
The regional banks still facing problems.
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notable fin: COIN
Not great, for what is l/t horror from the 2021 $429s
I see no l/t future for this platform… or independent crypto.
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Another fine summer’s day. Have a good evening
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more later on the VIX and Indexes by 6pm EST