US equity indexes mostly closed significantly lower, SPX -49pts (1.2%) at 4137. Nasdaq comp’ -1.8%. Dow -0.8%. The Transports settled -1.7%. R2K +0.3%
sp’60min
Summary
closing hour action: a rather ugly swing back lower. S/t momentum settled marginally negative.
*awaiting earnings from: AMZN, INTC, F, CMG, ENPH, SKX, X, COF, VALE
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… and that concludes a Thursday. With a new cycle low of 4127, it was a day for the bears. Further downside to psy’4K is clearly viable within 1-2 days. I just wonder whether we see a spiral to secondary support of the 3600s. For now, that still seems a stretch.
*I hold heavy short overnight, and will seriously consider holding across the weekend.
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notable bond yield proxy: TNX, 60min
Yields very significantly lower.
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notable bond ETF: TLT
The fourth day higher of five, but that doesn’t negate l/t horror.
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notable banking ETF: KRE
Wednesday’s hollow red reversal candle played out.
Arguably… just a spurious bounce. More ‘known names’ can be expected to implode, not least due to the smashed bond market.
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Have a good evening
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more later on the VIX and Indexes by 6pm EST