US equity indexes closed broadly lower, SPX -55pts (1.0%) at 5695. Nasdaq comp’ -1.2%. Dow -0.9%. The Transports settled -0.2%. R2K -0.8%
sp’60min
Summary
closing hour action: choppy, with a minor bounce… if failing. S/t momentum ticked lower, settling marginally negative.
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… and that concludes a Monday. A pretty subdued day until the mid afternoon, with the market breaking lower, as s/t equity momentum turned negative. The s/t cyclical setup favours the bulls, although it increasingly looks like 5767 was a key short… if not m/t high. I’d accept the latter as arrogant ‘crazy talk’.
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notable bond yield proxy: TNX
The US 10yr yield printing 4.033%
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notable bond ETF: TLT
Higher yields > lower bonds.
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notable stock: JPM
Early upside… but cooling back.
Earnings due Friday will be fine, but the concern should be more rate cuts will cut profit margins.
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A little sun… but I was tired, and staying inside for tea/biscuits seemed a better option. Have a good evening
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more later on the VIX and Indexes by 6pm EDT