US equity indexes closed very significantly lower SPX -65pts (1.5%) at 4393. Nasdaq comp’ -2.1%. Dow -1.0%. The Transports settled -0.3%. R2K -2.3%.
sp’60min
Summary
closing hour action: outright ugly… breaking a new intraday low of 4384. S/t momentum weakened, and is on the very low side.
–
… and that concludes a rather fierce turnaround Thursday. The original setup for Thursday favoured the bears. Instead, we opened higher, only to then reverse. Today will have given a fair few a good scare, but that doesn’t change much, as the 4600s still look realistic in May, before resuming powerfully lower.
–
notable stock: COIN
A new historic low, as psy’ $100 remains on track, and that might not even need SPX <4K ! Chanos looks better by the day!
–
notable bond ETF: TLT
Lower bonds as yields resumed upward.
–
notable bank: BAC
Hit with the main market, as yesterday’s black candle played out. The more bearish will continue to seek psy’ $30.
–
Great sunshine, but chilly in a strong wind. Have a good evening!
–
more later on the VIX and Indexes by 6pm EST