US equity indexes closed broadly higher, SPX +40pts (1.1%) at 3662. Nasdaq comp’ +1.3%. Dow +0.6%. The Transports settled +0.3%.
sp’60min
Summary
closing hour action: further cooling from the 2pm hist’ high of 3678. S/t momentum has seen a clear cyclical rollover, and threatens to turn negative early Wednesday.
*awaiting earnings from Salesforce, although the mainstream cheerleaders will likely focus on a (likely) announcement to buy Slack Tech’.
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… and that concludes a very bullish Tuesday. A new historic high to begin the month, and indeed, even if the market were to settle net lower for December (unlikely), it has to be seen as a bullish month.
The s/t cyclical setup leans to the bears, as today’s opening gap will be inclined to at least be tagged within 1-2 days.
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notable stock: X
The resource/industrial stocks continue to power upward. Today’s candle is pretty spiky, and indicative of s/t bullish exhaustion. Cyclically… extremely over-stretched.
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notable stock: MU
Micron helped by a Baird upgrade. Regardless, the stock is m/t super strong, having cleared the decisive $65s.
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notable stock: GDX
A strong day for the miners, but I need to see a daily close or two >38.00 to start taking them seriously again.
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A very crisp, but sunny winter’s day. Have a good evening.
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more later on the VIX and Indexes by 6pm EST