US equity indexes closed on a broadly positive note, SPX +37pts (0.8%) at 4521. Nasdaq comp’ +1.3%. Dow +1.1%. The Transports settled +1.1%. R2K +1.7%.
sp’60min
Summary
closing hour action: further chop… but leaning upward to break a new intraday high of 4531, as s/t momentum settled marginally positive.
*awaiting earnings from CRSR, LYFT, CMG, and a few others.
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**Sold the remainder of my CFVI into the close. So… the trio I picked up last Friday morning… fully out, and now I look to buy back… the lower the better.
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… and that concludes Tuesday. Suffice to add… price action remains very choppy. Bulls could argue we’re building a multi-day bull flag, whilst bears can argue multi-week price structure is offering a bear flag.
Best guess… Wed’ chop. Thursday.. red, and leaning upward into next week’s OPEX. Bears have better chance of sustained downside once we’re past the next three day holiday break (Feb’21st is CLOSED)…. which is notably the day after the Winter Olympics end.
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notable stock: RIG
Reflective of a struggling energy stock… that is long overdue some cooling.
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notable bond ETF: TLT
Lower bonds as yields climbed… ahead of Thursday’s CPI
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notable fin: BAC
Higher yields are helping. S/t threat of a double top from psy’$50.
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Here… grey horror, and yet another excuse to stay inside.
Have a good evening
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more later on the VIX and Indexes by 6pm EST