US equity indexes closed on a weak note, SPX -11pts (0.3%) at 4115. Nasdaq comp’ -0.03%. Dow -0.5%. The Transports settled -0.5%.
sp’60min
Summary
closing hour action: very choppy, but leaning upward, as s/t momentum continued to burn off oversold conditions. Price structure offers a bear flag, as the setup is analogous to May 11th, with Thursday threatening a break under last week’s low of 4056.
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… and that concludes Wednesday. It was another day for the bears, and whilst we closed well above the early lows, the s/t trend does still lean to the bears… possibly stretching into next week.
I’d really like to see the Nasdaq comp’ near/at the 200dma in the 12500s before hitting the buy/add button.
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notable stock: AMD
I see news of a $4bn buyback. I’m long, and I still do NOT agree with that kind of nonsense.
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notable stock: TGT
Earnings were beyond superb, and the stock justly held up to the main market.
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notable Dow component: AAPL
Apple also held up very well to the main market. A reversal candle from the 200dma… but if the main market takes another swing lower…. the 200dma can’t be expected to hold.
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notable energy: SLB
Schlumberger lower with the sector. I hold a little, but want to add from around psy’ $30, which seems realistic within a few days.
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A fine end to the day. Have a good evening
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more later on the VIX and Indexes by 6pm EST