sp'60min
Summary
closing hour action: further micro chop, as market volume remains very light indeed. leaning fractionally weak into the close.
*awaiting AXP earnings, which should be fine, but like many financials... it looks s/t vulnerable.
Also due: Alcoa (AA)
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... and that concludes Wednesday. A day of mostly minor chop. We're seeing some rather quirky post earnings reactions in some stocks, but the underlying issue... earnings are coming in broadly superb.
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notable stock: BAC, daily
Note last Friday's bearish engulfing candle, and then two consecutive black-fail candles. Today's weakness shouldn't be much of a surprise, as many of the financials are struggling despite earnings continuing to come in fine. If BAC sees a daily close <29.00, the 200dma will be tested in the mid/upper $27s. Due a bearish macd cross, and indirectly suggests the main market will see a red Thursday
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Here in my part of world...
A rather perfect end to the day. A touch of summer warmth, 74f, and the next few days should be equally fine. Have a good evening.
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more later on the VIX and Indexes by 6pm EST