US equities are struggling. If Monday’s low of 4222 is taken out… whether today, tomorrow, or ‘bad news Thursday’… the mainstream are going to panic.
sp’60min
VIX’60min
Summary
S/t price structure is arguably an ABC (wave 4?) bounce, before resuming lower <4222. A fuller washout to 4000/3800 is absolutely viable. Again, I want to emphasise… until we’re trading back above the daily 10MA (around 4550) the bears ARE in control.
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notable m/t horror: MRNA
Moderna just can’t find a floor. What it perhaps needs is a hyper strong variant, a government mandate to ‘shoot on sight’ anyone who isn’t taking shots 4, 5, 6, 7… and higher.
The Weiss of CNBC is going to be bag hold all the way to psy’$100 or lower? Hell, that doesn’t even account for any l/t adverse effects.
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notable weakness: RIVN
Yesterday’s low should be taken out within 1-3 days.
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notable energy: SLB
Momentum due to turn negative within 1-3 days. Orange gap 32/31s.
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notable miner: FCX
Red gap looks realistic, and would arguably sync with sp’4000/3800s.
Time for a light lunch…