US equity indexes closed significantly lower, SPX -63pts (1.5%) at 4273. Nasdaq comp’ -1.6%. Dow -1.1%. The Transports settled -1.9%. R2K -1.3%
sp’60min
Summary
closing hour action: leaning weak to print a new cycle low of 4265. S/t momentum settled marginally negative.
*awaiting earnings from COST
–
… and that concludes a Tuesday. With a new cycle low, it was certainly a day for the bears. All micro bounces are still being sold into.
Bulls can argue we’re due a bounce, perhaps all the way to teal gap in the 4370s.
Bears should be seeking a daily close under the 200dma before the weekend.
If yes, Monday threatens a mini crash to the 3600/3500s.
–
notable bond yield proxy: TNX, 60min
A new cycle high of 4.564%. Soft target 4.70%. Prime psy’ 5.00%
–
notable bond ETF: TLT
The $89s failed to hold.
A spiral to the $80s is now on the menu.
–
notable stock: SCHW
Underlying price action remains ugly, as a number out there are smelling smoke.
–
Have a good evening
–
more later on the VIX and Indexes by 6pm EST