US equity indexes closed significantly lower, SPX -44pts (1.1%) at 3854. Nasdaq comp’ -2.3%. Dow -0.5%. The Transports settled -1.1%. R2K -2.0%.
sp’60min
Summary
closing hour action: choppy, leaning on the weaker side to break a new intraday low of 3847. S/t momentum stalled, and settled on the moderately low side.
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… and that concludes Monday. It was a day for the bears, although aside from tech, it wasn’t really that much to get excited about. Regardless of Tuesday, CPI-Wednesday is clearly going to help shape the next few weeks.
Either a push to the 4300s… or… to break new cycle lows in the 3500s.
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notable stock: AFRM
Even a moderate recession might be enough to kill the company… as this summer should see increasing consumer debt defaults.
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notable bond ETF: TLT
Bonds sig’ higher… as yields cool ahead of the CPI.
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notable bank: BAC
Earnings are due next Monday morning.
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Have a good evening
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more later on the VIX and Indexes by 6pm EST