US equities remain in minor chop mode, as the market continues to burn off s/t overbought conditions, a situation which will can be expected to extend into Friday, if not next Monday.
sp’60min
VIX’60min
Summary
Little to add… as s/t momentum continues to slowly weaken. Again, its a case that regardless of the exact close, with a new hist’ high, its a day for the bulls.
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notable stock: F
Ford continues to see s/t speculative bullish chasers piling in, not least reflected in a monstrous amount of option CALLS. Next major resistance $13.05.
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notable weakness: UAL
The dip buyers sure aren’t appearing in United, which is set for a very powerful net decline.
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notable energy: OXY
Energy stocks are struggling, not helped by background anti-oil chatter, and what the Biden admin’ might do.
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notable stock: BABA
Alibaba cooling back from gap resistance… as yesterday’s black candle has played out. Maybe the communists just need to force Ma to do another video under gunpoint?
Time for the cheerleaders… but unless Tom Lee appears… they’ll get muted…