US equity indexes closed very mixed, SPX -18pts (0.5%) at 3811. Nasdaq comp’ +0.6%. Dow -1.5%. The Transports settled -0.3%.
sp’60min
Summary
closing hour action: a push to 3853, but there was a distinct case of rats selling into the weekend… yours truly included. However, the s/t cyclical setup still favours the bulls for March 1st… if not necessarily at the open!
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… and that concludes the day, week, and February. As ever, perspective matters, and whilst this week saw some powerful downside, that is from recent historic highs. On any basis, the m/t trend remains bullish, as March offers further upside.
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notable stock: NVDA
Recent earnings were very good. Cyclically low, as new hist’ highs >700 appear probable. The valuation sure isn’t cheap… but then what is, these days?
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notable miner: NEM
An ugly end to the month for Newmont, with next support of the $51s.
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notable airline: UAL
Reflective of the sector. M/t bullish to the $70s. If correct, main market implications.
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A fine winter’s day. Have a good evening.
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more later, starting with the VIX and Indexes by 6pm EST
*I will probably cover a batch of things on Twitter… but first… two AH posts.