US equities remain choppy, as price action is still broadly weak. Whilst a minor C’ wave appears possible this afternoon/early Wednesday, prime target of around sp’3100 appears very much on the menu.
sp’60min
VIX’60min
Summary
Bears could argue s/t price structure – from 3229, is setting up an ABC of some degree. A ‘C’ wave up… before resuming lower, could be sought.
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notable financial: WFC
Wells Fargo remains m/t horror, as the May lows are near.
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notable weakness: X
Recent buying was speculative, and the bulls are being washed out, for what remains l/t horror.
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notable miner: NEM
Broadly lower. Raising $90M via selling eleven Royalties to Maverix Metals (MMX). Note the 200dma in the $54s. The computer’s PF target are the $55s
time to check on the cheerleaders…