US equities open on a significantly weak note, as the market remains unstable. Arguably, its a case of ‘bearish consolidation’ as s/t oversold conditions continue to be burnt off. WTIC $83s… as a washout to around $76 or so looks probable.
sp’60min
VIX’60min
Summary
S/t momentum turned positive (if briefly), as the setup still favours the bulls… if only 1-2 days. Unless the daily 10MA (4550) is broken/held above… the bears are to be seen as in FULL control.
Yours truly is very content to sit back… and wait.
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notable Dow component: MSFT
Earnings due in AH, and whilst they should be fine, the stock is s/t vulnerable with the main market. Any daily close <290 offers psy’250, which might sync with sp’4000/3800s.
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notable energy: OXY
Yesterday saw a spike from orange gap. Momentum remains due to turn negative. Wed’ looks especially problematic.
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notable steel: CLF
Resuming lower with the main market.
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notable miner: FCX
I’m starting to think red gap 32/31s is realistic.
Yours… trying to ignore the jack hammer outside my apartment. Two hours… and they’ll be gone for the day.