US equity indexes mostly closed on a weak note, SPX -11pts (0.2%) at 5702. Nasdaq comp’ -0.4%. Dow +0.1%. The Transports settled -3.5%. R2K -1.0%
sp’60min
Summary
closing hour action: leaning upward, to briefly turn positive. S/t momentum settled marginally negative.
–
… and that concludes the week. With a new hist’ high of 5733, it has to be seen as a net bullish week. The s/t cyclical setup somewhat favours the bulls, but I’m open to the notion that 5733 is a key m/t high.
*drama in the closing hour, as the WSJ reported that Qualcomm is interested in buying Intel!
–
notable bond yield proxy: TNX
US 10yr yield a little lower.
–
notable bond ETF: TLT
Despite the US 10yr… TLT itself is still a little lower.
–
notable bank: BAC
Cooling back.
The concern should be rate cuts into 2025.
–
Have a good evening
–
more later on the VIX and Indexes by 6pm EDT