US equities are recovering, for what is a secondary wave higher, with price structure of a bear flag. The market remains s/t broken until the daily 10MA (currently 4556) is broken and held above.
sp’60min
VIX’60min
Summary
Suffice to add… some will see this as a ‘victory’ for the bulls. I do not, as price action remains unstable, reflected in a VIX still hovering around 30.
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notable stock: MSFT
Microsoft has earnings in AH, which should be fine.
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notable tech: AMD
Next support psy’100, and the Sept’ $99s. Fine company… just burnt out with the rest of the Nasdaq.
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notable strength: OXY
Helped by Raymond James ‘buy’, 55>60. Whilst I can agree with the target, the stock/sector is s/t vulnerable with the main market and oil, and I am NOT getting involved.
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notable miner: FCX
Freeport set for declines. Red gap 32/31s appears realistic in days if sp’4222 is lost.
back at the close…