US equities are moderately higher, with the VIX having cooled to the 18s. USD is -0.4% at 95.58… which is helping pressure up most things.
sp’60min
VIX’60min
Summary
S/t momentum is on the very high side, as the setup favours the bears for CPI-Wednesday. Price structure is a valid bear flag. If it is…the natural target would be the mid 4400s. I’d accept that looks a long way down.
Yours truly is content to sit back and wait. Having fully exited CFVI earlier, all I’ve left are the quintet of gold/silver miners. Now its merely a case of whether the next cooling wave takes out yesterday’s low of 4582… or puts in the first higher low.
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notable Dow component: AAPL
A second day higher, but still s/t broken… under first resistance of the 10MA.
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notable weakness: MRNA
Moderna struggling… for what is also s/t broken. Note how the 10MA is acting as first resistance.
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notable steel: X
A lousy day for US Steel… entirely due to Wolfe Research downgrading the sector… for no particularly good reason. I remain looking to buy back.
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notable miner: FCX
Freeport higher with the main market, and helped with copper $4.43.
back at the close…