US equities open on a weak note, but that is from Friday’s new historic high. S/t momentum is threatening to turn negative, but it should be clear… there is no real downside power.
sp’60min
VIX’60min
Summary
*Nasdaq comp’ is notably resilient, even breaking a new hist’ high. Impressive.
Suffice to add, opening chop, and it barely rates as moderate.
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notable Dow component: BA
Last week’s break above the June $234s was decisive, with next resistance of the $280s.
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notable stock: AMD
AMD remains on track for giant psy’100 before year end.
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notable weakness: INTC
Intel lower on concerns about the Apple MAC chips.
Further, it remains the case that Mr Market is NOT aware that Gen’11 – due spring 2021, will be a step backwards, moving from 10 core to 8. I’ll spare you the technical reasons, but AMD is currently at least TWO full years ahead of Intel.
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notable mining ETF: GDX, 60min
A very strong opening reversal, soft target remain the $38s, as s/t momentum is set to turn positive.