Thursday 28 May 2020

Ending the day badly

US equity indexes closed on a distinctly weak note, sp -6pts (0.2%) at 3029. Nasdaq comp' -0.6%. Dow -0.5%. The Transports settled -1.6%.




US equities opened a little choppy, but did claw upward to new cycle highs.


... and continued...

The 'hater' - Roth, is the head of site integrity, someone who its been reported has called Trump a 'Nazi'. Not great, and is arguable is about as balanced as the San Andreas fault.

The afternoon saw equities continue to claw to a new cycle high of sp'3068, but the closing hour saw a very significant cooling wave, ending on a distinctly weak note.

Volatility was mixed, the VIX printing 27.43, but settling +3.5% at 28.59. As things are, the SPX is comfortably on track to settle the week/month above giant psy'3K, the 200dma, and the key monthly 10MA. To yours truly, such a May settlement will turn the m/t trend back to outright bullish, and it will arguably solidify the March low of 2191 as a washout low.

I have to add, Tom Lee of Fundstrat...

Tom Lee - April 20th 2020

*original tweet:

Lee's notion that the equity market recovery will be V-shaped, regardless of the type of economic recovery, has turned out to be correct. Considering the likely bullish May settlement, he could be seen to be doing a little bullish dance into the weekend.

The number of planes is very.... very slowly increasing

A fine day

Full moon is Fri' June 5th
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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