US equity indexes closed broadly higher, SPX +29pts (0.7%) at 4439. Nasdaq comp’ +0.5%. Dow +0.9%. The Transports settled +1.4%. R2K +1.0%
sp’60min
Summary
closing hour action: micro chop, but seeing a mini spike upward to break a new intraday high of 4443… just 13pts of the recent high. S/t momentum ticked upward, settling on the moderately high side.
–
… and that concludes a Tuesday. Considerable chop… if positive leaning. I’m guessing the market will initially react favourably to the CPI. Any price action >4458 would be supportive to Tom Lee’s 100pt climb to around 4500… by the weekend.
–
notable bond yield proxy: TNX
Yields continuing to cool back ahead of the CPI.
–
notable banking ETF: KRE
A third day higher for regional banks, but they remain broken unless >$44s
–
notable stock: JPM
JPM effectively kicks off Q2 earnings season this Friday morning. Headline EPS/Rev’ should be fine, but the fins do tend to sell lower.. even when the numbers are good.
–
It was not the most inspiring of days, but it was useful to get out… if briefly.
Have a good evening
–
more later on the VIX and Indexes by 6pm EST