US equities are choppy, with an effective fill of the opening gap to sp’4220. Now its merely a case of whether the market sees a secondary cooling wave, or can close above the prior hist’ high of 4238.
sp’60min
VIX’60min
Summary
Its turned out to be a pretty messy morning. Whilst we have a new hist’ high, the market feels tired again. S/t momentum is fractionally positive.
Volatility is back in the 16s… reflective of a mainstream that doesn’t care inflation is the hottest since the early 1990s.
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notable horror: GME
Post earnings horror… with the stock still s/t overbought. Momentum due to turn negative next Monday. Support 225/200 zone.
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notable weakness: CLOV
Another of the WSB hysteria stocks… cooling back. Cyclically… insanely high.
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notable tech: MU
Very sig’ gains… largely faded, as momentum has turned negative. S/t bearish… as the 200dma looks a threat. UBS ‘buy to the $120s’.
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notable miner: AG
First Majestic powering upward, with Silver back in the $28s. I hold ‘light’, looking to add.
Time to check on the cheerleaders. Pete is in the house, so it merits the mute button OFF !