US equity indexes mostly closed on a positive note, SPX +8pts (0.2%) at 3638. Nasdaq comp’ +0.9%. Dow +0.1%. The Transports settled -0.5%.
sp’60min
Summary
closing hour action: minor chop, leaning on the weaker side to turn fractionally negative to 3629, as hourly momentum turned negative. The last 30 minutes saw a minor bounce.
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… and that concludes the week. With new historic highs in many of the main indexes (SPX was a notable exception), it was another week for the bulls. VIX 20s are supportive, and reflective of ongoing equity strength, which remains particularly impressive, considering the election… yet to be finalised.
The s/t cyclical setup for Monday favours the bears. Yellow gap… around psy’3600 would be a natural floor, before renewed upside to new hist’ highs.
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notable stock: SLB
Along with a few others in the oil/gas serv’ sector, Schlumberger merits increasing attention, having concluded the m/t bearish trend this month. Soft target 28/29s, with secondary 38/39s.
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notable shipper: CCL
Carnival continuing to sail toward the June $25s.
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notable stock: CRSR
Opening gains… but the sellers appeared, for what is a second day of severe cooling. Nothing lasts forever… even the Corsair Gaming gains.
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Here… it was a day of mostly grey horror, and thus… I stayed inside.
Have a good afternoon/evening.
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more later on the VIX and Indexes by 3pm EST