US equity indexes closed a little mixed, SPX -3pts (0.1%) at 4890. Nasdaq comp’ -0.4%. Dow +0.2%. The Transports settled -0.3%. R2K +0.01%
sp’60min
Summary
closing hour action: micro chop, leaning a touch weak. S/t momentum settled on the moderately low side.
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… and that concludes a Friday. With a new historic high of 4906, it was a net bullish day to a net bullish week.
Typically, the market will be inclined to lean upward ahead of an FOMC. If Monday does see early weakness (for whatever reason), it’d be a valid buying opp’.
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notable bond yield proxy: TNX
Yields net higher, but remaining under the recent high of 4.198%
Structure offers an ABC multi-week bounce, and still threatens another wave lower to around 3.25%. To be clear, I am VERY much open to a subsequent secondary wave higher to break a new cycle high >5.00%, as Bianco, Schiff, and a few others are suggesting.
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notable bond ETF: TLT
The US 10yr bond… net lower, if holding above the Wednesday low.
I would favour almost ANY US-listed stock above a Govt’ bond.
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notable stock: PYPL
Some buyers from around the 50dma. I still see X Payments as a Paypal killer. For now, Mr Market doesn’t appear to be thinking about it.
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… around 11am ET/4pm GMT. A fine winter’s day.
Have a good evening
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more later on the VIX and Indexes by 6pm EST