US equities remain in moderate chop mode. A tag, or perhaps full fill of orange gap of sp’3764/48 remains probable… before this Friday’s OPEX.
sp’60min
VIX’60min
Summary
The s/t cyclical setup favours the bulls, but Mr Market is still struggling, with the SPX 3760s very much within range.
The more cautious would be waiting to buy there, but in the scheme of things… its ALL noise. Further… certain sectors – such as financials and energy, are just powering upward anyway.
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notable weakness, TWTR
Twitter’s reversal candle did play out in early morning, but the stock is set for sig’ declines, as rising trend is set to be fully tested. A fail will offer a fuller washout to the 200dma.
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notable strength, BAC
Another strong day for the US banks, clearly helped by higher bond yields. Earnings due next Tues’ morning should be fine.
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notable Dow component: DIS
I see no news to merit this. Another tag of yellow gap appears due.
A mid/long term positive is background chatter that appears to confirm Disney will effectively write off the sequel trilogy, which was garbage. In fact, I’ve still not seen episode 9.
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notable tech: AMD
AMD is struggling, although that is from yesterday’s historic high.
For the tech minded… see the CES speech!
back at the close…