US equities are set for broad gains. S/t momentum is on the high side, as the market is due some degree of cooling wave ahead of the weekend/OPEX. VIX is leaning weak around the key 20 threshold. WTIC printed $61.67, despite a weaker dollar.
sp’60min
VIX’60min
Summary
Well, yesterday’s reversal candle in the SPX and VIX sure played out. Considering a fair number of key stocks that I closely follow, price structure of a bear flag IS valid. Its difficult to see the main market push >4200 if stocks like OXY, SLB, and X don’t also climb.
Just one of the crash callers out there…
I’d agree that 50K is natural resistance in Bitcoin, and a grand back test to the old resistance – now support, of 20K wouldn’t be a surprise.
However, If you read some of the youtube comments, some make the point that if you believe inflation is coming, ‘all cash’ is arguably the worse of positions.
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notable stock: AMAT
Applied Materials has earnings in AH, which should be very good, as semicon demand remains fierce. The cyclical setup favours the bulls, as momentum is prime to turning positive on Friday.
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notable stock: TSLA
Tesla set for sig’ gains, but this one remains short/mid term broken.
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notable weakness: X
US Steel battling to hold rising trend. Another main market swing lower… would surely see if fail. I’m increasingly thinking I might be able to buy back around psy’ $20.
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notable energy: OXY
Occidental lower with the sector and WTIC $62s. I want to re-add, but there appears no hurry this side of the weekend. Same for SLB, MRO, and RIG.
back at the close…