US equity indexes closed on a weak note, SPX -7pts (0.2%) at 4219. Nasdaq comp’ -0.1%. Dow -0.4%. The Transports settled -1.2%.
sp’60min
Summary
closing hour action: minor chop, but leaning a little weak to break a new intraday low.
*awaiting earnings from GME
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… and that concludes another sleepy day in equity land. It was a clear case of the market churning ahead of the very important CPI data. Either Thursday is going to see a jump to new historic highs, or it will implode on ‘overly hot’ inflation data.
I suppose its possible we could see new highs with a intraday reversal, but its the least likely of the three scenarios, not least for a Thursday.
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notable stock: F
A fourth day of cooling. If sp’4000, then the $13s would be tested.
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notable stock: TSLA
Tesla remains short/mid term broken. Clearly vulnerable with any main market cooling, and/or lower crypto.
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notable stock: OXY
Not a great day for Occidental. Arguably just s/t cooling. I fully exited out of this earlier… looking to buy back with sp’4000. I’d fully accept that is perhaps being ‘overly hopeful’.
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notable stock: CLF
Cleveland Cliffs soaring to the highest level since 2013. The only news I could find was…
Event begins at t+18min. Minor in the scheme of things, but it seems like it was the excuse to the algos.
I like the stock/sub-sector, but both CLF and X will be vulnerable to any main market cooling. I’m looking to pick up X with sp’4000… if we get there.
CLF resistance $26s, with secondary of 39/40, the latter is possible if sp’4400/4500s by late summer.
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A mostly cloudy… if warm day. Have a good evening.
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more later on the VIX and Indexes by 6pm EST