US equity indexes mostly closed on a weak note, SPX -19pts (0.5%) at 4117. Nasdaq comp’ +0.4%. Dow -1.1%. The Transports settled -0.7%. R2K -1.1%
sp’60min
Summary
closing hour action: leaning weak to break a new cycle low of 4103, with a minor recovery. S/t momentum settled on the low side, but in a major down wave, it can remain that way for days.
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… and that concludes the week. With a new cycle low, it was very much a net bearish day to conclude a net bearish week.
*Yours truly holds HEAVY short across the weekend.
I seek sp’4K with VIX 30, whether Monday or Tuesday, I don’t mind.
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notable bond ETF: TLT
Long bonds still net lower, for what is l/t horror.
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notable financial ETF: XLF
A new multi-month low, as the sector bodes badly for the main market next week.
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notable fin: SCHW
The May $45s are set to be hit next week.
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notable stock: JPM
A very rough end to the week. Partly Dimon’s fault, partly main market. Regardless… the loss of the 200dma merits alarm bells.
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Golden rays for the equity bears. A very pleasant end to the week.
Have a good evening
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more later on the VIX and Indexes by 6pm EST