US equity indexes closed moderately higher, SPX +31pts (0.5%) at 5770. Nasdaq comp’ +0.7%. Dow +0.5%. The Transports settled +0.8%. R2K +0.4%
sp’60min
Summary
closing hour action: choppy, leaning weak to briefly turn negative, with another moderate swing upward. S/t momentum settled on the moderately high side.
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… and that concludes the week. With a new cycle low of 5666, it should be seen as a net bearish day, for what was a net bearish week.
The one thing the bulls have going for them… a FOURTH consecutive floor from around the 200dma. It keeps open the door to a bounce into the Fed. Beyond that… threatens a swing from the mid 5900s to at least 5400, as looks realistic in April.
Yours truly will be cheerleading a bounce into March 19th, where I should drop everything. Whether I have the stomach to then short an index, I don’t know.
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notable bond yield proxy: TNX
The US 10yr swinging from 4.211% to 4.328%
As things are, I do NOT expect the Fed to cut rates March 19th.
Confidence: LOW.
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notable bond ETF: TLT
Higher yields > lower bonds
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notable banking ETF: KRE
A key spike floor from around the 200dma. S/t bullish.
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notable crypto: Bitcoin
Bitcoin struggling, if holding well above the recent low of $78k
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At least I ventured outside today. Have a good evening
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more later on the VIX and Indexes by 6pm EST