Closing changes for the main North American indexes

• S&P 500 -33 points to 4327, or -0.75%
• DJIA -0.9%
• Nasdaq -0.8%
• Russell 2000 -1.3%
• TSX -0.9%

I think the chart to watch is the Russell 2000. It’s been consolidating since late January and this is the worst weekly close in the index since then. The intraday lows narrowly below here are probably what matters though. If those crack, we could be in for a real beating.

On the week:

• SPX -1.0%
• DJIA -0.5%
• Nasdaq -1.9%

Even if this short-term crash happens later this year, I still think SPX is going to recover and hit new ATHs (~ $5000) in order to form negative divergence with its AD Line — that’s how all major tops have been formed in the past (on negative divergences).

Closing changes in the main US bourses

• S&P 500 up 8 points or 0.2% to 4369
• Nasdaq down 0.1%
• DJIA +0.1%
• Russell 2000 -1.6%
• TSX -0.1%

A more-patient sound Powell gave equities a lift early but the boost faded. Ultimately, we closed in the middle of the day’s range, which is a surprise to me given that infrastructure is also making progress. That said, the underperformance in the Russell 2000 and higher corporate taxes are no coincidence.

Closing changes for the main North American bourses

US stocks close near the highs

Closing changes for the main North American markets

That is certainly a bullish three-candle reversal. The dip buyers have won again.