US equities open on a moderately positive note, although the gains are a little shaky. S/t momentum is set to turn positive, and that should carry price upward into the mid afternoon… if not into early Wednesday. Broadly though… sp’3100 appears on the menu.
sp’60min
VIX’60min
Summary
*opening gaps already being filled, as indexes turning fractionally negative.
We’re s/t cyclically low, and the pressure will be to the upside into this afternoon. Again though… I see all bounces as such, as sp’3100 appears highly probable.
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notable stock: TSLA
Its ‘battery day’, but the stock is initially lower on Musk comments. Yesterday’s black candle… played out.
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notable Dow component: AAPL
Higher with the main market. Red gap should still eventually fully fill with sp’3100.
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notable stock: AMD
AMD is struggling… for no apparent reason. Bulls should be concerned old resistance of 60/58… will yet be tested.
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notable mining ETF: GDX, 60min
Opening gains…. failing, and I am still inclined to see the 200dma tested. Those looking to buy/add will arguably be patiently waiting for sp’3100… which would likely sync with GDX 33s or so.