US equity indexes closed a touch weak, sp -2pts @ 2099 (intra low 2090). The two leaders - Trans/R2K, settled +0.3% and u/c respectively. Near term outlook offers the 200dma @ 2062.. along with VIX 18/20 zone. Best bearish case by Nov' opex remains 2020.. where the 50dma will soon be lurking.
*closing hour action: minor chop... leaning to the upside
The second consecutive net daily decline (if fractional) in the sp'500, and we've seen a fair few sets of minor negative closes only to see prices resume strongly higher.
We're clearly due a retrace, and I'm guessing sp'2116 was indeed a short term high.
With the broader weekly/monthly cycles pushing back upward, any retraces are going to be difficult.. and right now, the 2020s look best bearish case.. before pushing upward into year end.. and beyond.
Awaiting earnings from DIS.... initial reaction/earnings will be posted....
4.17pm.. DIS.. $1.20 EPS. Rev' fractional miss, nothing of any significance.
Stock cools to $110s... but broadly.. nothing too dramatic... but it sure isn't blasting into the $120s.
4.27pm.. Iger appears on clown finance TV to pump his stock/company...
DIS hits an AH low of $109.78.
Regardless of any further AH action... DIS will be vulnerable.. if the broader market cools to sp'2060s.. or certainly.. the 2020s.