US equities are set for very significant/powerful net declines. VIX is churning the 29s, with s/t price structure of a baby bull flag. The stronger dollar, +0.8% at DXY 93.70 is a downward pressure on almost everything.
sp’60min
VIX’60min
Summary
I see Larry Kudlow has been wheeled out. Its been a tough year for Larry, not least in terms of his Feb/early March outlook on the virus, when everything was ‘contained’.
Regardless of the exact close, its been a very bearish start to the week, as mr markets wants to test the 200dma….which will be a little under 3100 (the MA will fall as price declines).
The big question… how will next Wednesday, Sept’30th settle? Above or below… m/t supports?
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notable Dow component: CAT
Lead the Dow lower, due a multi-week cooling wave. Implications for the main indexes.
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notable financial: JPM
JPM whacked hard with the sector. Those bearish the US fins, will lean to short BAC, C, and WFC.
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notable strength, AMD
Speculative buyers… for no apparent reason, although s/t oversold. If sp’3100.. then 60/58 still appears a threat, and would make for one hell of a buy/add level. Key ZEN3 reveal… Oct’8
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back at the close…