US equities remain in minor chop mode, with the SPX still stuck under 4238. With three downside gaps… the bulls should be at least a little twitchy, not least ahead of a Thursday, which will see massively important CPI data.
sp’60min
VIX’60min
Summary
Little to add. One more hour of chop… and then we’ll see how Thursday opens. I’d note that weekly momentum remains negative. Today might settle with another black candle (would need <4232)… or just fractionally red.
Again… tomorrow is a Thursday, and that will inherently favour the bears. It sure would ‘help’, if crypto takes another swing lower.
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notable stock: GME
Gamestop has earnings in AH. A true wild card. Cyclically on the high side, but no sign of a ceiling/turn.
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notable weakness: BAC
Banks lower with yields. Any jump in yields would be inherently bullish, although its possible any main market drop (I’m only looking for 4-5%), might still result in net declines for the banks.
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notable strength: CC
Chemours set for net gains… helped by the Goldman upgrade. The daily candle will be prone to settle black, which would lean s/t bearish for Thursday.
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notable reversal: TGT
A new hist’ high, but Target is s/t over-stretched, and I’d note the 50dma in the $212s.
Time to venture out, back at the close…