After the Close Sept. 3: Nasdaq Accepted 29,201 — Gold Kept the Box Break
Thursday was not a rerun of Wednesday’s wick. Nasdaq closed 29,482, 320 handles through the overnight 29,201.26 line, and gold settled outside Tuesday’s 4,290–4,406 box. Crude tagged 93.14 but failed the settle again. See what Asia and London inherit before Friday’s jobs report.
Morning Pulse was not a forecast. It was a location: Nasdaq last through 29,201.26 on Globex, gold already out of Tuesday’s 4,290–4,406 box, crude’s overnight high through Wednesday’s failed 92.54. Cash had not spoken. Acceptance was New York’s job.
That is what the cash session inherited.
The cash session from the open was a second green day. Equities closed green. They also finished above Wednesday. Those are two different sentences. Use both.
S&P 500 cash 7,747.71, +1.06% versus Wednesday’s 7,666.60, open 7,686.71 — the open was the low. Dow 53,686.11, +1.18%, open 53,309.17. Nasdaq-100 29,482.32, +1.16% versus 29,143.33, open 29,234.42, high 29,538.76, low 29,160.96. Composite 26,584.06, +1.40%. Russell 2000 2,968.27, +0.51% versus 2,953.17, open 2,968.21 — basically unchanged from the open. VIX 14.32 versus Wednesday 15.20. That is the scoreboard. It supports the read. It is not the post.
Futures settled (CME/NYMEX/COMEX, not the evening reopen): ES 7,754.75 versus Wednesday’s Globex last 7,669.25, session low 7,661.25 — the same overnight print Pulse already named, and it held. NQ 29,524.75 versus 29,141, high 29,583, low 29,075. YM 53,745 versus 53,136. RTY 2,969.70 versus 2,958.
Nasdaq accepted 29,201. Cash opened through it (29,234). Cash did print back under it — low 29,161 — then closed 29,482. A sweep under the line that finishes 320 handles through is not a wick. Wednesday’s 29,213 poke was a wick. Today’s close is the accept Pulse said overnight could not provide.
The mechanic is duration, not a mystery. Fed Governor Waller said he would be inclined to hold 3.50–3.75% at the September 15–16 meeting if next week’s inflation cools, and to consider a hike if it does not. FedWatch hike odds came in to about 50% from 63% Wednesday. Ten-year: Pulse had the live print near 4.73% into
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