US equity indexes mostly closed on a weak note, SPX -40pts (0.6%) at 6632. Nasdaq comp’ -0.9%. Dow -0.25%. The Transports settled +0.1%. R2K -0.3%
sp’60min
Summary
closing hour action: leaning weak to print a new multi-month low of 6623. S/t momentum settled on the low side.
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… and that concludes the week. With a new multi-month low, it has to be seen as a net bearish day/week. The s/t cyclical setup favours the bulls, with basic target of Thursday’s gap. Its difficult to see any price action >6900, even if the Fed cut rates.
*I hold long-silver across the weekend, and I’ll sleep pretty good with that.
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notable bond yield proxy: TNX
The US 10yr yield printing 4.29%, as the market appears to be assuming the Fed will NOT cut rates next Wednesday.
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notable bond ETF: TLT
Bonds lower for the ninth day of ten
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notable crypto: Bitcoin
Leaning upward, but broadly… its multi-week chop.
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A brief venture outside was a net positive.
Have a good evening
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More later on the VIX and Indexes, by 6pm EDT