US equities open on a choppy note, as pre-market broad declines were reversed… for no particularly valid reason, only for the market to turn broadly weak.
sp’60min
VIX’60min
Summary
Regardless of today’s close… a bearish week, as those monthly charts just get uglier. Its kinda amusing in a way… much like late Feb’2020. Back then, I called for the lower monthly bollinger – the 2500s, which was ironically still overly conservative… with the market printing a spike floor of 2191.
Right now the lower monthly bollinger is around 3000, which of course is ‘crazy talk’. Again… lets see how January settles, but the Nasdaq comp’ and R2K have been sounding alarm bells for over a week.
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notable Dow component: AAPL
Post earnings gains… but they look vulnerable. I’ll be looking for a black candle…. or even net red. Soft support psy’ $150. Alarm bells if next Monday settles <$145.
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notable stock: TSLA
200dma lost. More than today, what matters is next Monday’s settlement. Anything <835 would merit alarm bells, and offer 550/500 within 1-2mths.
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notable stock: X
Post earnings jump. News of share buyback. I like the stock, but it will be vulnerable with any main market downside.
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notable miner: FCX
Freeport lower with copper printing $4.31. Having sold $41.90s… I’m looking to buy back… but the main market argues against it. Red gap 32/31s !