US equity indexes closed powerfully lower, sp -95pts (2.8%) at 3331. Nasdaq comp’ -4.1%. Dow -2.2%. The Transports settled -1.3%.
sp’60min
Summary
closing hour action: considerable chop, and breaking a new cycle low. S/t momentum is offering a secondary divergent higher low – relative to early morning.
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… and that concludes Tuesday. It was clearly another day for the equity bears, with a new cycle low. The only thing missing… the VIX, which stayed distinctly below last Friday’s early high of the 38s.
Basic bounce target… the 3450/60s. Psy’3500 on a stretch.
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notable stock: AMD
AMD lower with the main market. Old resistance 60/58… is new core support.
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notable stock: NVDA
Sister stock to AMD… the Nvidia, lower for a third day, but note the hollow red reversal candle, which leans s/t bullish.
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notable stock: DIS
Net gains for Disney, helped via the Deutsche Bank upgrade. Great company, but the stock looks very vulnerable to orange gap.
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A fine end to the day. Have a good evening.
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more later on the VIX and Indexes by 6pm EST