US equities open a little choppy. S/t momentum is on the high side, and there will be increasing threat of another major wave lower. Thursday will prime for the bears to challenge Monday’s low of 3229. USD is +0.2% in the DXY 94.20s, which isn’t helping the precious metals!
sp’60min
VIX’60min
Summary
*Powell is due to face the US Senate this morning, but its difficult to see that as anything different than yesterday.
The s/t cyclical setup will increasingly favour the bears, but for now… there is no sign of a ceiling/turn. Nasdaq is weak though, set to lead the main market lower.
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notable stock: TSLA
Yesterday in AH, saw Tesla’s AGM, paired with a focus on ‘battery day’. I watched a little of it, and there are some interesting ideas/plans for the years ahead.
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notable Dow component: NKE
Earnings were better than expected, and the stock is soaring. I would kinda expect this one to settle with a black candle, for what is now s/t over-stretched.
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notable strength: TWTR
Twitter helped via an upgrade from Pivotal.
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notable mining ETF: GDX
Yesterday’s black candle has played out. Break of support line. The $33s are due.