US equity indexes closed broadly higher, sp +23pts (0.8%) at 2910 (intra low 2855). Nasdaq comp' +1.1%. Dow +0.5%. The Transports settled +0.4%.
US equities opened in chop mode, but took a significant swing lower on ISM service sector data - printing 52.6 vs 55.5est. Prior month was 56.4, and indeed, even the service sector is weakening toward recession.
The mainstream are finally starting to recognise that we'll see FOUR rate cuts this year...
Remember how at the end of last year, the mainstream - not least the Federal Reserve, were touting 2 or 3 rate HIKES. Ohh, how things have changed!
Volatility spiked to 21.44 with sp'2855, but that was fractionally below the Wed' high, and made for a s/t double top, itself a divergence to the new cycle low in equities. S/t outlook will favour the bulls into the weekend, to the 2924/40 gap zone, on 'semi-Goldilocks jobs data'.
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