US equity indexes closed significantly higher, SPX +59pts (1.1%) at 5564. Nasdaq comp’ +1.6%. Dow +0.3%. The Transports settled +0.7%. R2K +1.6%
sp’60min
Summary
closing hour action: minor chop. S/t momentum settled on the high side, but a tag of teal gap looks very likely.
*awaiting earnings from $CLF $NUE $NXPI $SAP $MEDP $CCK $CDNS $AGNC $ARE $ZION
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… and that concludes a Monday. It was a net bullish day, but today is arguably just part of a 2-3 day bounce. I’d look for teal gap to be tagged early Tuesday, and then resuming lower to take out 5497 before the weekend.
*If instead we open Tuesday lower, I would still look for another wave upward to tag teal gap, before resuming lower.
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notable bond yield proxy: TNX
The US 10yr printing 4.278%.
Broadly… its all chop. Bullish >5%. Bearish <4%
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notable bond ETF: TLT
Higher yields > lower bonds.
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notable banking ETF: KRE
Early weakness, but swinging higher. Bullish engulfing candle.
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Have a good evening
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more later on the VIX and Indexes by 6pm EDT