US equity indexes mostly closed moderately higher, sp +16pts (0.5%) at 3443. Nasdaq comp’ +0.3%. Dow +0.4%. The Transports settled +1.3%.
sp’60min
Summary
closing hour action: distinct cooling to 3436, as the market was concerned about Pelosi/Mnuchin meeting. We have a failure for momentum around the key zero threshold, and it bodes problematic for Wednesday… when daily momentum is due to turn negative.
*awaiting earnings from NFLX and SNAP
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… and that concludes Tuesday. It was a rebound day, but the s/t downward trend is intact. A foray <3400 appears due. The bigger weekly cycle threatens far bigger problems.
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notable stock: CRSR
Wedbush $25s was largely the reason. I’m seeing increasing mainstream chatter of Corsair as being part of the ‘E-sports’ sector.
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notable stock: IBM
A severe case of post earnings depression, but justly so, for what is a company in l/t decay.
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notable stock: TWTR
Twitter settling positive, although multi-day price structure could be argued is a bear flag. Jefferies maintain ‘hold’, 39>46
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Have a good evening
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more later on the VIX and Indexes by 6pm EST