US equity indexes mostly closed a little weak, SPX -16pts (0.3%) at 4688. Nasdaq comp’ -0.6%. Dow +0.03%. The Transports settled -0.04%. R2K -0.2%
sp’60min
Summary
closing hour action: choppy, if leaning weak to break a new intraday low of 4687. S/t momentum ticked back lower, settling marginally negative.
*awaiting minor earnings from FC, KRUS
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… and that concludes a subdued Thursday. The ADP jobs came in arguably Goldilocks, but the market wasn’t able to hold moderate gains. I’d accept the monthly jobs data is something of a wild card, but I do lean s/t bullish.
There is a valid H/S structure offering 4610, but even if that were to play out, first we need to go up to around 4770.
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notable bond yield proxy: TNX, daily
An early pop to test 4.00%
More broadly, I’m inclined for 3.25%.
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notable stock: AFRM
Recent hysteria about ‘buy now pay later’ has somewhat faded.
I remain skeptical Affirm has a l/t future.
To be clear, I don’t see it as a valid short, whilst the main market is m/t bullish.
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notable stock: COIN
Wednesday’s hollow red reversal candle played out.
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Here… the heavy rain arrived as night fell… some five hours ago.
Have a good evening
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more later on the VIX and Indexes by 6pm EST