US equities are leaning weak, as red gap is close to being tagged, which should act as support into the weekend. The sp’4250/40s remain prime target, which seem realistic next Wed/Thurs’, before resuming upward to the 4400s.
sp’60min
VIX’60min
Summary
For the bulls, its been an annoying end to the week. For the bears… price action remains weak… but its nothing of significance/sustained, unless you want to start cherry picking sectors, or more so… individual stocks.
Yours truly is not having the best of days via the gold/silver miners, but at least I’m sitting back with cash to buy back energy stocks, at levels I thought ‘crazy bold’ just a few days ago.
To be clear… am STILL waiting to buy OXY, RIG, X, and maybe some other things…. with the sp’4250/40s.
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notable Dow component: MSFT
Regardless of whether a net positive or negative close, the problem for Microsoft is that momentum is set to turn negative, and bodes problematic for next week. Its also supportive to the notion of sp’4250/40s.
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notable energy: OXY
Very rough end to the week for Occidental. I have to see ongoing price action as just a somewhat natural retrace.
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notable strength: MRNA
A powerful end to the week, primarily due to news it will be added to the SPX from next Wednesday morning. Such an inclusion will lean bullish the stock for the mid/long term.
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notable steel: X
So… just how far will US Steel fall? Computer PF $16s remains ‘an issue’, and is partly why I’m sitting back. Great company, and I have to remain m/t bullish 37/38s.
Time to catch a sunset, back at the close…