US equities are very choppy, if still set for net daily declines of some degree. S/t price structure threatens a bear flag… much like May 11th. VIX is still comfortably above the key 20 threshold. USD is +0.5% in the 90.20s, which is keeping a tight lid on commodity land.
sp’60min
VIX’60min
Summary
Yesterday I noted the setup was similar to May 10th. Its equally arguable that today is analogous to May 11th. Tomorrow is a Thursday, and that will inherently favour the bears. A break under last week’s low of 4056 remains a high threat. More so… I’m still seeking a bigger washout to the Nasdaq comp’ 200dma in the 12500s.
I ain’t buying/adding… until I see lower prices!
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notable Dow component: CSCO
Cisco Systems has earnings in AH, which should be fine. The s/t cyclical setup is marginal, and the cautious will leave alone, not least considering the main market.
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notable stock: TSLA
Tesla is set to close sig’ lower, but that is kinda impressive considering everything. Psy’ $500 looks a stretch, but still… its possible.
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notable weakness: X
A rough day for US Steel, having already printed the $23s. Zero sign of s/t floor/turn.
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notable miner: FCX
With momentum only just having turned negative, I see Freeport as an indirect warning that the main market could still see a few more days of cooling.
Yours truly wants to re-add to a wheel barrow of stocks – not least FCX and X, but I see high threat of lower levels, and I’m going to wait at least until tomorrow.
Time to venture out, back at the close…