Wednesday 5 September 2018

Weak tech, but broadly strong

US equity indexes closed on a weak note,  sp -8pts (0.3%) at 2888. Nasdaq comp' settled -1.2% at 7995. The two leaders - Trans/R2K, settled +0.6% and -0.6% respectively. Near term outlook offers renewed upside into the 2900s.




It was a rather bearish day, with the sp' opening moderately weak. There was a morning low of 2876, and then choppy upside into the late afternoon. Its notable that whilst the Nasdaq comp' did settle sig' lower, the 'old leader' - Transports, settled +0.6%, with a bullish engulfing candle.

If a US/Canada trade deal is announced before the weekend - as seems probable, new historic highs in the sp'2920s are still on track.

Bonus chart: China, monthly

China saw an overnight decline of -1.7% to 2704. For now, there is still zero sign of a floor/turn. Where are the communists at the PBOC?

Another day closer to autumn
Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
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