US equity indexes closed moderately mixed, SPX +6pts (0.1%) at 4981. Nasdaq comp’ -0.3%. Dow +0.1%. The Transports settled +0.8%. R2K -0.5%
sp’60min
Summary
closing hour action: a new intraday low of 4946, but a rather strong upward swing to turn fractionally positive. S/t momentum ticked upward, and (all else being equal) will turn positive Thurs’ morning.
*awaiting earnings from NVDA, RIVN, LCID, ETSY, SNPS, NOVA, BROS, APA, MRO, SU
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… and that concludes a Wednesday. A net bearish day, but price action remains pretty choppy, for what is arguably just a multi-day cooling wave, or rather bullish consolidation, from the recent hist’ high of 5048.
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notable bond yield proxy: TNX
A new cycle high of 4.33%
Either we stop going up… or 3.78% is to be seen as a key m/t floor.
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notable bond ETF: TLT
Higher yields > lower bonds.
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notable banking ETF: KRE
Regional banks struggling with lower bonds and a weak main market.
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notable stock: SQ
Block has earnings Thurs’ AH. Whilst they should be ‘reasonable’, the concern should massive looming competition from X Payments… due this summer.
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Here… it was just another day of grey horror.
Have a good evening
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more later on the VIX and Indexes by 6pm EST