US equities closed moderately weak, sp -6pts @ 2099 (intra low 2085). The
two leaders - Trans/R2K, settled lower by -1.2% and -0.2% respectively. Near term outlook
is for renewed upside, with the sp'2120/30s by end week. There looks to
be viable upside into the 2160/70 zone by the FOMC of June 17th.
sp'daily5
Dow
Trans
Summary
*Transports continues to struggle, arguably because of renewed upside in Oil prices.
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So, a day of opening weakness, but with a rather typical latter day recovery. Despite the second consecutive net daily decline, the daily candles (on some indexes) are offering a spike floor.
Now, its a case of whether retail sales disappoint, and if Bond yields resume higher.
Best guess... new historic highs in the sp'500, Dow, and NYSE comp'.
The two leaders - Trans/R2K, are problematic for the bulls, even if sp'2140s by end May.
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a little more later...