US equity indexes closed very significantly lower, SPX -91pts (1.5%) at 5827. Nasdaq comp’ -1.6%. Dow -1.6%. The Transports settled -1.1%. R2K -2.1%
sp’60min
Summary
closing hour action: leaning weak. S/t momentum ticked up a touch, if settling on the moderately low side.
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… and that concludes the week. It was a not so pretty end, for what was a net bearish week. The s/t cyclical setup favours the bulls, but the weekly candle is bearish engulfing, and suggestive of a lower low next week.
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notable bond yield proxy: TNX
The US 10yr printing 4.79%
A test of 5.00% in February is on track.
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notable bond ETF: TLT
Higher yields > lower bonds.
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notable banking ETF: KRE
Even with a break of support, I struggle to take the downside seriously.
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notable crypto: Bitcoin
Impressive gains
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Blue Origin set for a launch on Sunday.
SpaceX… Starship test’7… due Monday.
Have a good evening
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more later on the VIX and Indexes by 6pm EST