Closing Brief

US equity indexes closed broadly higher, with the sp +11pts @ 2023. The Dow managed a new historic high of 17486. The two leaders - Trans/R2K, settled higher by 0.4% and 0.1% respectively. Near term outlook continues to offer a retrace... if only moderate to 1970s.


sp'60min

Summary

*awaiting earnings from TSLA.    Target downside $200... best case (over a few weeks.. $180).
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A pretty tedious day, not least with a new high in the Dow.
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4.24pm... TLSA earnings.. mixed, stock swings to a low of $217, but then to the upper $240s.

QCOM earnings, market not pleased, -5% in the $73s. Daily cycle rolling over.
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A full daily wrap at 8pm EST.

3pm update - awaiting King

Mr Market is awaiting a press conf' from King O', whom having lost control of not only congress, but the Senate, is now looking rather alone. Meanwhile, equities remain relatively stuck in the sp'2020s, although the Dow is looking strong.


Dow, daily

Summary

..awaiting to hear how despondent the leader of the 'free world' is.
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A fair few out there have been talking about the Dow 17500s for some weeks.. and price structure is offering an expanding wedge.

Anyway...this is getting tiresome.. I'll be glad for the close.
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Notable weakness, miners, GDX -2%, whilst Gold -$20... trend remains much the same... headed for Gold $1000... just a matter of how fast.

2pm update - micro double top

US equities are battling it out, with a viable micro double top on the sp'500 of 2024/23. VIX has turned positive, and is making a play for the mid/upper 15s  by the close. Metals remain weak, Gold -$21, with Silver -3.3%. Oil is holding gains of a significant 1.6%


sp'60min

Summary

*awaiting an appearance from King O' at 2.50pm EST.. but then... he is usually late.. so .. lets call it 3.15pm.. yes?
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It remains choppy, but we do hava a valid double top on the sp'500. The fact the Dow broke a new historic high.. that is of course a strongly bullish issue... but hey... I'm trying to look at the collective of indexes... not just one!
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Eyes to the VIX, a close in the 15.50/75 zone would be suggestive of 17/18s by late Friday... along with sp'1980/70s.
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Notable weakness.. TSLA, -2.9%... with earnings at the close