Closing Brief

US equity indexes closed very significantly higher, SPX +90pts (2.4%) at 3764. Nasdaq comp' +2.5%. Dow +2.1%. The Transports settled +1.5%. R2K +1.8%.

sp'60min

Summary

closing hour action: considerable minor chop, if leaning a touch weak. S/t momentum weakened... but only a little, as green gap looks viable (with red VIX gap), before 'normal service' resumes.
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… and that concludes Tuesday. It was day for the bulls, but it only retraces around half of last week's declines. 

*I see my webhost has finally awoken from a coma, so I guess I'll be posting as normal tomorrow. Or maybe I'll get lucky and die in my sleep.

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notable stock: COIN

Partly higher with the main market, partly with Bitcoin. Still m/t horror. I'd imagine Ms. Wood of ARK was averaging down some more today.

 

The latter which printed the $17000s, makes little sense as a key m/t floor. More natural would be 13/12k. Today's bounce was WEAK.
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notable stock: K

Another company where the board ran out of ideas, and have decided to split the company into three. They get paid the big money for that degree of desperation. Today's gains... mostly faded, as even the market isn't buying this kind of nonsense.

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notable bond ETF: TLT

A rough start to the week for bonds... as yields climbed. M/t horror.

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notable fin: BAC

Just bouncing with the main market. Bulls have NOTHING until >50dma.
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more later on the VIX and Indexes... probably by 4.30pm EST

3pm update - into the close

US equities are set for very significant net daily gains, but it makes for just a retrace/bounce of last week's rather severe net weekly declines.

sp'60min

VIX'60min

Summary

S/t price structure is a baby bull flag, offering further upside on Wed'.
I'd note VIX orange gap has fully filled, and that just leaves red gap... which would arguably sync with SPX green gap.

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notable Dow component: AAPL

Even teal gap looks a stretch. 125/120 zone looks pretty easy.
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notable stock: AMZN

Nothing has changed. An eventual loss of psy' $100 will offer capitulation 85/80.
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notable weakness: META

... all this... without the market's realisation that the Metaverse will likely amount to nothing.
Much like yours truly.
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notable steel: CLF

Absolutely lousy relative to the main market. Monthly offers support 12/11.

back at the close...

2pm update - metals and miners

US equities are choppy, if very significantly higher. Meanwhile, the precious metals are moderately higher, Gold -$2 (0.1%), with Silver +0.3%. The miner ETF of GDX is currently +0.8% at $30.62.

GLD daily

SLV daily

GDX daily

Summary

Gold/GLD: $1837.... tedious... for what is a short/mid term mess. All those gold bugs touting hyper bullish targets have nothing... until >$2100s.

Silver/SLV: silver is printing the $21.70s, a s/t mess until >$25.50. Bulls need >psy' $30 to have confidence the m/t chop-fest is over.

GDX: miners higher with gold/silver, but the gains are weak... especially relative to the main market.

*I hold long the sector via GOLD, AG, HL, KGC.

notable miner: GOLD

 

 A short/mid term mess.
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notable miner: FCX

 

Last week's copper loss of $4.00 merits alarm bells.
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Equities: sp'60min

We have a provisional cyclical rollover, but I don't trust it. S/t price structure is a baby bull flag, threatening green gap. That won't be easy though.