US equity indexes closed significantly higher, SPX +65pts (1.4%) at 4587. Nasdaq comp’ +2.1%. Dow +0.9%. The Transports settled +1.9%. R2K +1.9%.
sp’60min
Summary
closing hour action: teal gap filled, whilst s/t momentum continued to slowly weaken, prone to turning negative on Thursday.
*awaiting earnings from DIS, LYFT, MGM, and a few lesser others.
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… and that concludes Wednesday. It was a second day for the bulls. Perhaps most notable is that Tuesday’s bullish engulfing candle played out. The s/t cyclical setup favours some cooling… regardless of the CPI.
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notable miner: FCX
Freeport powering upward with copper and the main market.
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notable bond ETF: TLT
Higher bonds… as yields cooled back ahead of CPI.
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notable fin: BAC
Banks s/t stuck, for what is a valid double top from around psy’ $50. I sold some time ago, would look to buy back, but there seems no hurry until early March.
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Here it started sunny, but once again… by 11am EST…. grey horror.
Have a good evening
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more later on the VIX and Indexes by 6pm EST