US equities remain in minor chop mode. The market is trading mostly sideways, as s/t oversold conditions are burnt off. Thursday threatens a tag of orange gap… ahead of Friday OPEX… itself ahead of a long weekend.
sp’60min
VIX’60min
Summary
Little to add, for what is broad chop.
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notable bond ETF: TLT
Bonds catching a bounce… with cooler yields. However, the door remains wide open to the Sept’2019 $145s, as the US 10yr is set for 1.30/1.40s.
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notable financial: WFC
Speculative buyers ahead of earnings – due early Friday. Options market is expecting a +/- move of 5%. I would favour BAC (due next Tues’ morning).
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notable tech: TSM
Earnings are due early Thursday and should be good. The stock is s/t over-stretched, with yesterday’s black candle playing out. I’d note first support of the 10MA.
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notable stock: ZM
Yesterday’s bullish engulfing candle has played out, as we have a provisional m/t floor. The $1.5bn of new capital will offer opportunities for at least a year or two.
As night falls… its time to cook…